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Effective Date: Regulation D: Reserve Requirements of Depository Institutions


Board of Governors of the Federal Reserve System.


Final rule.


The Board of Governors of the Federal Reserve System (“Board”) has adopted final amendments to its Regulation D to revise the rate of interest paid on balances (“IORB”) maintained at Federal Reserve Banks by or on behalf of eligible institutions. The final amendments specify that IORB is 5.15 percent, a 0.25 percentage point increase from its prior level. The amendment is intended to enhance the role of IORB in maintaining the federal funds rate in the target range established by the Federal Open Market Committee (“FOMC” or “Committee”).


Effective date: This rule (amendments to part 204 (Regulation D)) is effective May 11, 2023.

Applicability date: The IORB rate change was applicable on May 4, 2023.

  • May 11, 2023
  • Time: All Day