Federal Reserve Board Notice of Proposed Rulemaking on Financial Market Utilities (Regulation HH)

The Federal Reserve Board ("FRB") requested comment on a proposed rule to amend Regulation HH to set out the conditions and requirements for a FRB to open and maintain accounts for and provide financial services to financial market utilities designated as systemically important by the Financial Stability Oversight Council. The proposed rule, which implements provisions of Section 806 of the Dodd-Frank Act, would also authorize a Reserve Bank to pay interest on the balances maintained by a designated financial market utility just as a Reserve Bank is able to pay interest to a bank.

View Proposed Rule in full (Federal Reserve site).