The Federal Reserve will delay by five months the implementation of its program to simplify the administration of reserve requirements.
The central bank issued a final rule in April to “reduce administrative and operational costs for depository institutions,” the Fed said in a statement today in Washington. “The project does not affect the stance of monetary policy.”
The second phase of amendments to the requirements was scheduled to take effect in January of next year. It will now be delayed until June 27.
“The delay will allow for further development and testing of automated systems to ensure a smooth transition for affected institutions,” the Fed said.
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