Regulation D: Reserve Requirements of Depository Institutions

Document 2025-20744 is a Final Rule published by the Federal Reserve System in the Federal Register on November 24, 2025, with an effective date of December 24, 2025. The Board is amending Regulation D, Reserve Requirements of Depository Institutions, to reflect the annual indexing of the reserve requirement exemption amount and the low reserve tranche for 2026. The annual indexation of these amounts is required notwithstanding the Board's action in March 2020 of setting all reserve requirement ratios to zero. The Board is amending Regulation D to set the reserve requirement exemption amount at $39.2 million (increased from $37.8 million in 2025) and the amount of the low reserve tranche at $674.1 million (increased from $645.8 million in 2025). The adjustments to both of these amounts are derived using statutory formulas specified in the Federal Reserve Act (the "Act"). The annual indexation of the reserve requirement exemption amount and low reserve tranche is required by statute but will not affect depository institutions' reserve requirements, which will remain zero. View the original at https://www.federalregister.gov/documents/2025/11/24/2025-20744/regulation-d-reserve-requirements-of-depository-institutions.

No. Document 2025-20744 is not classified as economically significant under Executive Order 12866. Economically significant rules require OIRA review and are estimated to have impacts of $100 million or more per year.