The Federal Reserve Board revised the interest rate paid on balances held by Federal Reserve Banks or eligible institutions.
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At a hearing before the Senate Committee on Banking, Housing, and Urban Affairs, witnesses addressed the use of mandatory arbitration clauses in financial service products.
The U.S. House Committee on Financial Services marked up and passed bills on special purpose acquisition companies, broker-dealer and investment adviser mandatory arbitration clauses in customer agreements, and hiring practices.
The Federal Reserve Board adopted amendments to the reserve requirements for depository institutions to (i) create a new single "interest on reserve balances" rate and (ii) simplify the formula for payment of interest on balances.
A Federal Reserve Board final rule to "lower reserve requirement ratios on transaction accounts maintained at depository institutions to zero percent" was published in the Federal Register.