The Federal Reserve Board yesterday proposed new data collection requirements connected to money market instruments. Banks subject to the rule would be required to make daily reports to the Fed of fed funds and Eurodollar transactions, as well as CDs.
The rule will apply to U.S. banks with over $26 billion in assets and foreign banks’ U.S. branches with over $900 million in assets, affecting approximately 50 U.S. banks and 105 foreign institutions. Comments will be due 60 days from the proposal’s publication in the Federal Register.
Read the proposed rule.