FR2900_FR2910a_FR2915_FR2930_20150724_omb

Supporting Statement for the Reports of Deposits:
Report of Transaction Accounts, Other Deposits, and Vault Cash
(FR 2900; OMB No. 7100-0087),
Annual Report of Deposits and Reservable Liabilities (FR 2910a; OMB No. 7100-0175),
Report of Foreign (Non-U.S.) Currency Deposits (FR 2915; OMB No. 7100-0237), and
Allocation of Low Reserve Tranche and Reservable Liabilities Exemption
(FR 2930; OMB No. 7100-0088)
Summary
The Board of Governors for the Federal Reserve System, under delegated authority from
the Office of Management and Budget (OMB), proposes to extend for three years, with minor
revisions, the mandatory Report of Transaction Accounts, Other Deposits, and Vault Cash
(FR 2900; OMB No. 7100-0087).
The family of Reports of Deposits also contains three other mandatory reports, which the
Federal Reserve proposes to extend for three years, without revision:
1. Annual Report of Deposits and Reservable Liabilities (FR 2910a; OMB No. 7100-0175),
2. Report of Foreign (Non-U.S.) Currency Deposits (FR 2915; OMB No. 7100-0237), and
3. Allocation of Low Reserve Tranche and Reservable Liabilities Exemption (FR 2930; OMB
No. 7100-0088).
Depository institutions submit deposit data either weekly, quarterly, or annually. Larger
depository institutions generally must submit deposit data more frequently than smaller ones.
These mandatory data are used by the Federal Reserve for administering Regulation D (Reserve
Requirements of Depository Institutions) and for constructing, analyzing, and monitoring the
monetary and reserve aggregates.
The Federal Reserve is proposing two minor revisions to the FR 2900 report. The
Federal Reserve proposes adding an annual checkbox asking whether reporting institutions offer
deposits denominated in foreign currency at their U.S. offices in order to identify all respondents
required to submit the FR 2915 quarterly.
The Federal Reserve has historically used the triennial report renewal process as an
opportunity to reduce reporting burden on depository institutions by raising the nonexempt
deposit cutoff, which is used to determine the frequency at which depository institutions are
required to file deposit reports. The nonexempt deposit cutoff is indexed annually by 80 percent
of the growth in total transaction accounts, savings deposits, and small time deposits at all
depository institutions and is currently scheduled to increase to $325.4 million beginning in
September 2015. As the second revision, the Federal Reserve proposes raising the nonexempt
deposit cutoff level to $400 million instead of its indexed value of $325.4 million. Raising the
nonexempt deposit cutoff to $400 million would reduce reporting burden by making an
estimated 350 depository institutions newly eligible to elect to move from weekly to quarterly
reporting. This action would save reporting institutions approximately $1 million while keeping
benchmark revisions to M2 within acceptable bounds.

As an administrative matter, the Federal Reserve also proposes to consolidate all four
reports under one OMB Control Number, 7100-0087, which currently only includes the
FR 2900. This is an administrative change aimed at simplifying the tracking and clearance
process for the family of Reports of Deposits. This change does not modify the reporting
requirements in any way.
The annual burden for this information collection is estimated to be 195,342 hours. This
represents a decrease of 308,839 hours from the current burden estimate of 504,181 hours. The
reduction is due to the Federal Reserve’s assessment that initial fixed costs for automating
reporting systems were incurred in previous years’ burden estimates along with an assessment of
low marginal costs of operating existing automated reporting systems and the burden reducing
proposed change in the nonexempt deposit cutoff. The proposed increase in the nonexempt
deposit cutoff level would be implemented during the September 2015 panel shift and the first
as-of date for the proposed changes to the FR 2900 report form would be October 2015.
Background and Justification
The current system of reporting is designed to meet the requirements of the Federal
Reserve Act as amended by both the Monetary Control Act of 1980 (MCA) and the Garn-St.
Germain Depository Institutions Act of 1982 (Garn-St. Germain Act). The MCA imposes
reserve requirements on all depository institutions that have transaction accounts or nonpersonal
time deposits.1 In implementing the MCA, the Federal Reserve limited the reporting burden on
smaller institutions by reducing their frequency of reporting (reduced reporting). Institutions
with total transaction accounts, savings deposits, and small time deposits below a deposit cutoff
submit FR 2900 data at a quarterly rather than at a weekly frequency. The Garn-St. Germain Act
sets a zero-percent reserve requirement on a specific amount of a depository institution’s
reservable liabilities (the exemption amount) which exempts all depository institutions from
reserve requirements when their total reservable liabilities are less than or equal to the exemption
amount. The Garn-St. Germain Act also requires that depository institutions with a zero-percent
reserve requirement be subject to less overall reporting than other depository institutions
consistent with the Federal Reserve’s responsibility to monitor and control the monetary and
reserves aggregates.
The current reporting framework for the deposit reports was implemented in April 1983
and since September 2003 the boundaries of the four reporting categories (described later in this
proposal) have been defined by three measures: the exemption amount, the nonexempt deposit
cutoff, and the reduced reporting limit. The exemption amount is indexed annually by 80
percent of the annual growth rate of total reservable liabilities at all depository institutions.2 The
nonexempt deposit cutoff and the reduced reporting limit are indexed annually by 80 percent of
1

The Federal Reserve imposes reserve requirements on U.S. branches and agencies of foreign banks under the
authority of the International Banking Act of 1978.
2
No adjustment is made to the exemption amount if total reservable liabilities at all depository institutions decline.
The annual growth rate is measured from June 30 one year to June 30 the next year, and then used in calculating the
exemption amount for the subsequent year. The exemption amount is implemented for weekly deposit respondents
beginning with the first maintenance period in the subsequent year that includes January 1. For quarterly deposit
respondents, the new exemption amount takes effect with the first maintenance period that corresponds to the
December report week.

2

the growth in total transaction accounts, savings deposits, and small time deposits at all
depository institutions. Eligibility in the four reporting categories is reviewed annually, and the
assignment of institutions to reporting panels occurs each September.
Description of Information Collection
1. Report of Transaction Accounts, Other Deposits, and Vault Cash (FR 2900)
The FR 2900 is the primary source of data used for the calculation of required reserves
and applied vault cash and for the construction and analysis of the monetary aggregates. Data
are also used for indexing the exemption amount and low reserve tranche amount each year as
required by statute and for indexing the nonexempt deposit cutoff and reduced reporting limit
each year as determined by the Federal Reserve Board.
All nonexempt depository institutions file the FR 2900 either weekly or quarterly. The
Federal Reserve recommends the following changes to this report.
Proposed Revisions to the FR 2900. The Federal Reserve proposes adding a new annual
checkbox to the FR 2900 asking whether reporting institutions offer deposits denominated in a
foreign currency at their U.S. offices. The proposed checkbox would be collected annually in
June, along with all other FR 2900 annual items. Depository institutions which offer foreign
currency deposits at a U.S. office are required to submit the FR 2915 quarterly; however, no
existing data series systematically collects information that can be used to ascertain whether
depository institutions issue these types of deposits. Currently, Federal Reserve Banks rely on
analysts personally inquiring with depository institutions about whether they issue foreign
currency deposits to determine which depository institutions must file the FR 2915. This
proposal would reduce the burden this questioning places on both depository institutions and the
Federal Reserve Banks by adding a checkbox question to the FR 2900 report to systematically
determine which depository institutions must file the FR 2915. Such a checkbox would ensure
the FR 2915 panel is complete, provide the capability to verify reporting, and aid in the
construction of the monetary aggregates. It is worth noting that this proposed checkbox does not
change the responsibility of reporting institutions to know which reports they must file and to file
the FR 2915 if they begin offering foreign currency deposits during the year.
Data Coverage. The FR 2900 reporting form currently comprises 15 data items.3
Twelve data items are reported at a daily frequency but are submitted weekly to the Federal
Reserve Banks for report weeks that begin on a Tuesday and end the following Monday. These
12 data items are necessary for the calculation of reserve requirements, applied vault cash, and
for the construction of the monetary aggregates. Three data items—those that supply data on the
nontransaction components of total reservable liabilities—are submitted at an annual frequency
for use in the indexation of the exemption amount and low reserve tranche amount.
Reporting Frequency. The Federal Reserve does not recommend any change to the
FR 2900 reporting frequency. Weekly reporting of the current 12 daily FR 2900 data items by
larger nonexempt institutions facilitates calculation of reserve requirements, construction of the
3

Refer to the table in Appendix A for a list of the 15 data items on the FR 2900 reporting form.

3

monetary aggregates, and the implementation of monetary policy. Quarterly reporting of those
same FR 2900 items by smaller nonexempt institutions reduces the reporting burden on these
institutions.4 All FR 2900 respondents, regardless of how frequently they submit the daily data
items, submit the three annual FR 2900 report items one day each year.
Reporting Panel. The nonexempt deposit cutoff and the reduced reporting limit are used
to determine the frequency at which depository institutions submit deposit data. These values
are indexed each year by 80 percent of the growth in total transaction accounts, savings deposits,
and small time deposits. Based on that indexation procedure and absent further Board action, the
nonexempt deposit cutoff and reduced reporting limit for 2015 would be $325.4 million and
$1.824 billion, respectively.
The Federal Reserve proposes that the nonexempt deposit cutoff be raised to $400
million instead of its indexed amount of $325.4 million. This proposed increase in the
nonexempt deposit cutoff would reduce reporting burden on depository institutions while
keeping any adverse consequences to the accurate measurement of money and reserves to what
the Federal Reserve believes are an acceptable level. Under the proposal to raise the nonexempt
deposit cutoff to $400 million, the Federal Reserve estimates that 350 nonexempt institutions
would become newly eligible to elect to shift from weekly to quarterly FR 2900 reporting.
Consistent with current policy, newly eligible institutions for quarterly reporting may opt to
continue reporting weekly.
With the exceptions noted below, an institution’s reporting status is currently determined
by the levels of its (1) net transaction accounts, (2) total transaction accounts, savings deposits,
and small time deposits, and (3) total deposits. Based on these criteria, roughly 80 percent of
depository institutions are exempt from weekly reporting.
Institutions with net transaction accounts greater than the exemption amount are called
nonexempt institutions and do not qualify for reduced reporting. Institutions with total
transaction accounts, savings deposits, and small time deposits greater than or equal to the
reduced reporting limit, regardless of the level of their net transaction accounts, are also referred
to as nonexempt institutions and do not qualify for reduced reporting. Nonexempt institutions
submit FR 2900 data either weekly or quarterly. An institution is required to report weekly if its
total transaction accounts, savings deposits, and small time deposits are greater than or equal to
the nonexempt deposit cutoff. If the nonexempt institution’s total transaction accounts, savings
deposits, and small time deposits are less than the nonexempt deposit cutoff then the institution
must report quarterly or may elect to report weekly.
Exempt institutions are institutions that are eligible for reduced reporting and therefore
either submit the FR 2910a data annually or do not submit deposit data at all to the Federal
4

The reporting weeks for the quarterly respondents begin on the third Tuesday of March, June, September, and
December. For the purposes of constructing the monetary aggregates, weekly deposits and vault cash for quarterly
respondents are estimated between quarterly report dates from reported movements of a class of small weekly
FR 2900 respondents. When actual data from the quarterly FR 2900 respondents become available, these weekly
estimates are adjusted. Reserve requirements for quarterly respondents are satisfied during 14-day maintenance
periods, and are set quarter-by-quarter based on the data reported for a single week each quarter.

4

Reserve. Exempt institutions have net transaction accounts less than or equal to the exemption
amount and have total transaction accounts, savings deposits, and small time deposits less than
the reduced reporting limit. If an exempt institution’s total deposits are greater than the
exemption amount, then the institution is required to submit the FR 2910a. Exempt institutions
with total deposits less than or equal to the exemption amount are not required to submit deposit
data to the Federal Reserve if other data sources, such as Call Reports5, are available.
U.S. branches and agencies of foreign banks and banking Edge and agreement
corporations submit the FR 2900 data weekly, regardless of their size. The relationship between
these institutions and their parent organizations makes possible short-term transfers of liabilities
and assets between reporting dates to avoid reserve requirements. To eliminate the possibility of
reserve avoidance, submission of weekly data for these institutions is deemed necessary.
2. Annual Report of Deposits and Reservable Liabilities (FR 2910a)
The FR 2910a is generally submitted by exempt institutions whose total deposits (as
shown on their December Call Report) are greater than the exemption amount. Respondents
submit single-day data as of June 30. Board staff recommends no changes to this report.
Data Coverage. The FR 2910a reporting form collects three data items: total transaction
accounts, savings deposits, and small time deposits; reservable liabilities; and net transaction
accounts. The first data item, total transaction deposits, savings deposits, and small time
deposits, is used to determine whether an institution will continue to be eligible for reduced
reporting and, if not, the frequency at which the institution must submit FR 2900 data (weekly or
quarterly). In addition, these data are used in the annual indexation of the nonexempt deposit
cutoff and the reduced reporting limit.
The second data item, reservable liabilities, is the sum of net transaction accounts,
nonpersonal savings deposits, and nonpersonal time deposits, regardless of maturity. Data on
reservable liabilities are used for the annual indexation of the exemption amount (as required by
statute).
The third data item, net transaction accounts, comprises total transaction accounts less
demand balances due from depository institutions and cash items in process of collection. Data
on net transaction accounts are used in the annual indexation of the low reserve tranche (as
required by statute) and are used to determine whether an institution will continue to be eligible
for reduced reporting.

5

In this document the term Call Report refers to the commercial bank Consolidated Reports of Condition and
Income (FFIEC 031 and 041; OMB No. 7100-0036) and the credit union Statement of Financial Condition
(NCUA 5300/5300SF; OMB No. 3133-0004).

5

Reporting Panel and Frequency. Any depository institution that does not submit
FR 2900 data and that has total deposits greater than the exemption amount on its December Call
Report must submit FR 2910a data the subsequent year on June 30.6,7
3. Report of Foreign (Non-U.S.) Currency Deposits (FR 2915)
All FR 2900 respondents, both weekly and quarterly, that offer deposits denominated in
foreign currencies at their U.S. offices file the FR 2915 quarterly on the same reporting schedule
as quarterly FR 2900 respondents.
Foreign currency deposits are subject to reserve requirements and, therefore, are included
in the FR 2900 data. However, because foreign currency deposits are not included in the
monetary aggregates, the FR 2915 data are used to net foreign currency-denominated deposits
from the FR 2900 data in order to exclude them from measures of the monetary aggregates. The
FR 2915 is the only source of data on such deposits. Board staff recommends no changes to this
report form.
Data Coverage. The amounts of foreign currency deposits held at U.S. offices of a
depository institution are converted to U.S. dollars and included in the appropriate existing data
items on the institution’s FR 2900 which collects outstanding balances as of the close of business
each day of the seven-day reporting week that begins on Tuesday and ends the following
Monday. The six data items (data item 1, total transaction accounts; data item 2, cash items in
process of collection; data item 3, total savings and time deposits; memorandum item 4, demand
deposits due to depository institutions; memorandum item 5, time and savings deposits due to
depository institutions; and memorandum item 6, all time deposits with balances of $100,000 or
more) break out the amounts of these foreign currency-denominated deposits that are included in
selected FR 2900 data items. Specific FR 2900 data items are referenced on the face of the
FR 2915 reporting form.
The Federal Reserve has looked for alternative sources of quarterly data on foreign
currency deposits. However, the data item on foreign currency deposits was removed from the
Call Report in March 1996; therefore, the FR 2915 report is now the sole source of data on
foreign currency deposits from depository institutions. The Federal Reserve has also examined
whether the number of data items collected on the report could be reduced. Total foreign
currency deposits must be broken out by major deposit type and must eliminate interbank
transactions, consistent with the FR 2900 report, in order to construct the monetary aggregates.
The present level of detail contained on the reporting form is required to obtain the minimum
amount of data needed for construction of the monetary aggregates.

6

Institutions are added to the FR 2910a reporting panel based on total deposits (not total transaction accounts,
savings deposits, and small time deposits) because nonpersonal savings and time deposits (a component of FR 2910a
data item 2, Reservable Liabilities) typically include some large time deposits.
7
Any exempt institution that does not submit a December Call Report, or whose Call Report is not readily
available, must submit an FR 2910a report. Any institution that adjusts its FR 2910a reported values in order to
qualify for reduced reporting will be shifted to a FR 2900 reporting panel.

6

Reporting Panel and Frequency. When the FR 2915 was introduced, weekly FR 2900
respondents filed the reporting form monthly while quarterly FR 2900 respondents filed the
reporting form quarterly. Beginning in March 1995 the FR 2915 reporting frequency for weekly
FR 2900 respondents was reduced from once a month to once a quarter. This change made the
reporting frequency consistent with and on the same schedule as quarterly FR 2900 respondents.
The change was made in response to the decline in the amount outstanding of foreign currency
deposits, from $4.3 billion in 1992 to $2.8 billion at the time of the 1994 review of the report,
with only small monthly fluctuations. The Federal Reserve determined that quarterly measures
would suffice both for backing the data out of the monetary aggregates as well as for monitoring
the overall volume of the deposits. It is considered necessary to continue monitoring foreign
currency deposits, and the FR 2915 is the only source of data on foreign currency deposits.
Although the amount outstanding of foreign currency deposits has increased again over the past
decade, the Federal Reserve assesses that a quarterly collection frequency is still sufficient.
4. Allocation of Low Reserve Tranche and Reservable Liabilities Exemption
(FR 2930)
Institutions with offices (or groups of offices) in more than one state or Federal Reserve
District, or those operating under operational convenience, are required to file the FR 2930 at
least annually.8 An institution’s net transaction accounts up to the exemption amount ($14.5
million in 2015) are reserved at zero percent. Net transaction accounts up to the low reserve
tranche ($103.6 million in 2015) are reserved at 3 percent while amounts in excess of this
amount are reserved at 10 percent. Only a single exemption amount and a single low reserve
tranche are allowed per depository institution (including subsidiaries). Therefore, an institution
that submits separate FR 2900 reports covering different offices is required to file the FR 2930 at
least annually to allocate its reservable liabilities exemption and low reserve tranche among its
offices. The Federal Reserve recommends no changes to this report.
Data Coverage. As noted earlier an institution’s net transaction accounts up to the
exemption amount are reserved at zero percent. In addition, net transaction accounts above the
exemption amount and up to the low reserve tranche are reserved at a lower ratio than amounts
in excess of this level. However, only a single exemption and a single low reserve tranche are
allowed per chartered depository institution. Therefore, in order to calculate the reserve
requirement of an institution that submits separate FR 2900 reports for two or more offices, that
institution is required to allocate, using the FR 2930 data, its one low reserve tranche and one
exemption amount among those offices. The FR 2930 must be submitted to each Reserve
District in which the head office is located.
Reporting Panel and Frequency. The FR 2930 data are collected when the low reserve
tranche and reservable liabilities exemption thresholds are adjusted toward the end of each
calendar year, upon the implementation of operational convenience, or upon the establishment of
an office outside the home state or Federal Reserve District. The data are required at least one
8

Operational convenience is the term used to describe the transitional, multiple account arrangements that the
Federal Reserve offers institutions to support organizational and operational restructuring after a merger for
institutions that are not operationally prepared to close the nonsurvivor’s master account or to convert the
nonsurvivor’s master account to a subaccount on the merger effective date.

7

week before the beginning of the reserve computation period (a fourteen-day period beginning
on Tuesday and ending two Mondays thereafter) in which the revised allocations are to be
effective. The FR 2930 reporting panel consists of a single designated office from each family
of U.S. branches and agencies of a foreign bank, a single designated office from each Edge or
agreement corporation that has offices located in more than one state or Federal Reserve District,
and depository institutions operating under operational convenience that file more than one
FR 2900 report.
Time Schedule for Information Collection and Publication
Reserve Banks collect and review the deposit data from respondents on a schedule that
allows the Reserve Banks to meet the deadline for reporting those data to the Federal Reserve
Board. FR 2900 weekly respondents submit daily data on a weekly basis for report weeks that
begin on a Tuesday and end on the following Monday. FR 2900 quarterly respondents submit
daily data for the week beginning with the third Tuesday and continuing through the following
Monday in March, June, September, and December. FR 2915 respondents submit weekly
average data for the same week as quarterly FR 2900 respondents. FR 2910a respondents submit
data annually as of the close of business June 30 each year. Reserve Banks transmit FR 2930
data to the Federal Reserve Board in a micro transmission that is due by 11:00 p.m. Eastern Time
on the last day (Monday) of the reserve computation period related to the maintenance period in
which the tranche and exemption allocation amounts are to be effective.
The data are used in the production of public statistical releases and internal reports.
Aggregate data for deposits, reserves, or both are published in numerous publicly available
statistical releases: Aggregate Reserves of Depository Institutions and the Monetary Base (H.3
statistical release), Money Stock Measures (H.6 statistical release), and Assets and Liabilities of
Commercial Banks in the United States (H.8 statistical release).
Legal Status
The Federal Reserve Board’s Legal Division has determined that the deposit reports are
authorized by the Federal Reserve Act (12 U.S.C. §§ 248(a), 347(d), 461, 603, and 615) and
Regulation D (12 C.F.R. part 204). The data are given confidential treatment under exemption 4
of the Freedom of Information Act (5 U.S.C. § 552(b)(4)).
Consultation Outside the Agency
On May 12, 2015, the Federal Reserve published a notice in the Federal Register
(80 FR 27171) requesting public comment for 60 days on the extension, with minor revision, for
the FR 2900, FR 2910a, FR 2915, and FR 2930. The comment period for this notice expired on
July 13, 2015. The Federal Reserve received one comment supporting the continued use of the
forms. The revisions will be implemented as proposed. On July 23, 2015, the Federal Reserve
published a final notice in the Federal Register (80 FR 43774).

8

Estimate of Respondent Burden
As shown in the table below, the proposed annual reporting burden for the reports of
deposits is estimated to be 195,342 hours, a decrease of 308,839 hours from the current estimate
of 504,181 hours.
The reduction in estimated burden is due to the Federal Reserve’s assessment that initial
fixed costs for establishing automated reporting systems in the form of labor hours were included
in previous estimates of average hours per response. Therefore, the Federal Reserve assesses
that these fixed costs have already been borne by reporting institutions and adequately accounted
for by previous reporting burden estimates.
This reevaluation therefore leaves the marginal costs of ensuring automated systems
continue to function correctly and the amortized fixed costs of institutions which establish new
automated reporting systems in the estimate of average hours per response. The Federal Reserve
believes that these marginal costs of reporting are low and that the incentives for weekly
reporters to establish efficient automated reporting systems is thus larger than less frequent
reporters, and so estimate a larger percentage of weekly reporters have established such systems.
In addition, more frequent reporting affords weekly reporters greater familiarity with the
procedure and thus reduces the hours required per response relative to quarterly reporters. These
beliefs account for the smaller current estimated burden and the lower estimate of average hours
per FR 2900 response for weekly compared to quarterly reporters.
Further reduction in the burden is due to raising the non-exempt cutoff to $400 million
which would move 350 depository institutions from weekly to quarterly reporting.
The number of respondents for the FR 2900 and FR 2910a were calculated using data
available as of June 2014. The number of respondents for the FR 2915 and the FR 2930 are as of
December 2014. These reporting requirements represent 1.23 percent of total Federal Reserve
System annual paperwork burden.

9

Number of
respondents9

Annual
frequency

Estimated
average hours
per response

2,403
4,569
3,401
144
120

52
4
1
4
1

3.5
3.5
0.75
0.5
0.25

437,346
63,966
2,551
288
30
504,181

1.25
3.0
0.75
0.5
0.25

Total

133,445
59,028
2,551
288
30
195,342

Change

(308,839)

Current
FR 2900 (weekly)
FR 2900 (quarterly)
FR 2910a
FR 2915
FR 2930

Estimated
annual burden
hours

Total
Proposed
FR 2900 (weekly)
FR 2900 (quarterly)
FR 2910a
FR 2915
FR 2930

2,053
4,919
3,401
144
120

52
4
1
4
1

The revisions to the FR 2900 report form are nominal and expected to have no measurable effect
on the cost to the public. The proposed threshold change is estimated to lower the cost to the
public by $1 million. The total cost to the public is estimated to decrease from the current level
of $26,091,367 to $10,108,949 for the revised forms and the raised non-exempt cutoff.10
Sensitive Questions
These reports contain no sensitive questions as defined by OMB guidelines.

9

Of these respondents 657 for the FR 2900 (weekly), 4,919 for the FR 2900 (quarterly), 3,367 for the FR 2910a, 23
for the FR 2915, and 29 for the FR 2930 are estimated to be small entities as defined by the Small Business
Administration (i.e., entities with $550 million or less in total assets) www.sba.gov/content/small-business-sizestandards.
10
Total cost to the public was estimated using the following formula: percent of staff time, multiplied by annual
burden hours, multiplied by hourly rates (30% Office & Administrative Support at $17, 45% Financial Managers at
$63, 15% Lawyers at $64, and 10% Chief Executives at $87). Hourly rates for each occupational group are the
(rounded) mean hourly wages from the Bureau of Labor and Statistics (BLS), Occupational Employment and Wages
May 2014, published March 25, 2015, www.bls.gov/news.release/ocwage.t01.htm. Occupations are defined using
the BLS Occupational Classification System, www.bls.gov/soc/.

10

Estimated Cost to the Federal Reserve System
Based on the proposed revisions, the cost to the Federal Reserve System for collecting
and processing this report is estimated to decrease from $6,279,387 to $6,113,387 per year. The
one-time cost to implement the revised report is estimated to be $36,100.

11

Appendix A
Uses of FR 2900 Data Items
The following table summarizes the current uses of each data item on the FR 2900. As
shown in the table, the separate reporting of various deposit categories is needed because of the
different treatment of particular data items in the definitions of reservable liabilities or monetary
aggregates. For example, all demand deposits are classified as transaction accounts for
calculating required reserves, but two data items—demand deposits due to depository institutions
and U.S. government demand deposits—are not included in the monetary aggregates and,
therefore, must be submitted separately. Similarly, time and savings deposits are treated the
same way for purposes of reserve requirements, but separate data are needed for construction and
publication of the monetary aggregates.
In 1991, the Federal Reserve reduced the number of data items collected on the FR 2900
from twenty-one to fifteen by consolidating some data items that were previously submitted
separately. In addition, the definition of one data item was expanded.11 In 2003, the reporting
frequency of two data items was reduced from daily to only one day a year, and a new annual
data item—net Eurocurrency liabilities—was added.12

11

Reservable time and savings deposits were combined into a new memorandum item nonpersonal savings and
time deposits; personal time deposits and the breakdown of nonpersonal time deposits by maturity were combined
into one item, time deposits; data on MMDAs and other savings deposits were combined into one item, savings
deposits; telephone transfer accounts were combined with the item ATS accounts and NOW accounts/share drafts;
and the definition of data item 2 in schedule BB was broadened to include all such transactions with original
maturities of seven days or more.
12
The two data items with reduced reporting frequency were nonpersonal savings and time deposits and ineligible
acceptances and obligations issued by affiliates maturing in seven days or more.

12

Current Uses of each FR 2900 Data Item

Data Item
A.

Transaction accounts:

1.

Demand Deposits:

Calculation of
required reserves1

Construction
of monetary
aggregates2

Comment

a. Due to depository
institutions

Reserved as
transaction accounts
(3%/10%)3

n.a.

Not included in the monetary aggregates.

b. Of U.S. government

Reserved as
transaction accounts
(3%/10%)3

n.a.

Not included in the monetary aggregates, but
published as a memorandum item on the H.6.

c. Other demand

Reserved as
transaction accounts
(3%/10%)3

M1

Monetary aggregates. For banks, other demand (data
item A.l.c) is used to calculate the demand deposits
adjusted component of M1, which is published on the
H.6. For thrifts, this item is a component of other
checkable deposits.

2. ATS accounts and NOW Reserved as
accounts/share drafts, and transaction accounts
telephone and
(3%/10%)3
preauthorized transfers

M1/M2

Monetary aggregates. ATS and NOW accounts (data
item A.2) are included in the other checkable deposits
component of M1, while telephone and preauthorized
transfer accounts are included in M2. With all three
types of accounts submitted as a single total on the
FR 2900, the Federal Reserve estimates the amount
of telephone and preauthorized transfer accounts to
be subtracted from that total and included in M2.

3. Total transaction accounts Reserved as
transaction accounts
(3%/10%)3

n.a.

Reserve calculations. Total transaction accounts
(data item A.3) must equal the sum of data items A.1
through A.2 above.

n.a.

Reserve calculations. The sum of demand balances
due from depository institutions in the U.S. and cash
items in process of collection (data items B1 and B2)
is deducted from gross transaction accounts (A.3—
which is the sum of data items A.1.a, A.1.b, A.1.c,
and A.2—plus A.A.1) in order to produce net
transaction accounts, which is subject to reserve
requirements.

M1

Monetary aggregates. Cash items in process of
collection (data item B.2) are deducted from other
demand deposits in calculating the demand deposits
adjusted component of M1 for banks and the other
checkable deposits component of M1 for thrifts.

B. Deductions from transaction accounts:
1. Demand balances due
from depository
institutions in the U.S.

2. Cash items in process of
collection

Deducted from
transaction accounts
before application of
reserve requirement
ratio.

Deducted from
transaction accounts
before application of
reserve requirement
ratio.

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Continued
C.1 Total savings deposits
(including MMDAs)

Personal accounts
are not reservable;
nonpersonal
savings deposits
are reservable, but
with a reserve
requirement ratio
of zero. See
Schedule BB.1
below.

M2

Monetary aggregates. Savings deposits are a
major component of M2.

D.1 Total time deposits

Personal accounts
are not reservable;
nonpersonal or
negotiable time
deposits are
reservable, but
with a reserve
ratio of zero. See
Schedule BB.1
below.

M24

Monetary aggregates. Small-denomination time
deposits (those in amounts less than $100,000)
are calculated by subtracting memorandum item
F.1, large time deposits, from total time deposits
(Item D).

E.1 Vault cash

Total required
reserves less vault
cash equals the
amount of reserves
to be maintained at
the Federal
Reserve Bank

M1

Monetary aggregates. Vault cash is deducted
from currency in circulation to arrive at the
currency component of M1.

n.a.

M24

Reserve aggregates. Vault cash is used to meet
reserve requirements. The amount used is
applied vault cash.

F. Memorandum Item:
1. All time deposits with
balances of $100,000 or
more (included in Item D
above)

Monetary aggregates. See comments for item
D.1 above.
Also used in the construction of the Federal
Reserve’s weekly H.8 statistical release, Assets
and Liabilities of Commercial Banks in the
United States.

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Continued
Schedule AA:
1. Ineligible acceptances
and obligations issued by
affiliates maturing in less
than 7 days

Reserved as
transaction
accounts
(3%/10%)3

n.a.

Reserve calculations. A depository institution
is required to maintain reserves against
ineligible acceptances and certain obligations
issued by a nondepository affiliate if the
proceeds of such obligations are channeled to
the depository institution. These obligations
are not direct obligations of the depository
institution but are reservable obligations under
Regulation D.

Schedule BB: Nonpersonal data items
1.

Total nonpersonal
savings and time
deposits (included in
Items C and D above)

Reserved as
nonpersonal time
deposits (0%)

n.a.

A component of total reservable liabilities,
used in the annual indexation of the exemption
amount. (Annual indexation of the exemption
amount is required by statute.)

2.

Ineligible acceptances
and obligations issued
by affiliates maturing
in 7 days or more
(nonpersonal only)

Reserved as
nonpersonal time
deposits (0%)

n.a.

A component of total reservable liabilities that
is used in the annual indexation of the
exemption amount. (Annual indexation of the
exemption amount is required by statute.)

Schedule CC:
1.

Net Eurocurrency
liabilities

Reserved as nontransaction
accounts (0%)5

n.a.

A component of total reservable liabilities that
is used in the annual indexation of the
exemption amount. (Annual indexation of the
exemption amount is required by statute.)

Notes to Table:
1. Detailed procedures for the calculation of required reserves are presented in the Reserve Maintenance Manual
(www.federalreserve.gov/monetarypolicy/reservereq-reserve-maintenance-manual.htm).
2. For additional information on the monetary aggregates, please see the H.6 statistical release.
3. The amount of total net transaction accounts equal to or below the low reserve tranche is reserved at 3 percent,
while the amount in excess of the tranche is reserved at 10 percent. Total net transaction accounts are gross
transaction accounts (Section A, Item 3 plus Schedule AA, Item 1) less deductions as submitted in Section B of the
reporting form (Items B.1 and B.2). In addition to the ratios shown in the table, the first $14.5 million of an
institution’s reservable liabilities are subject to a reserve requirement of 0 percent in 2015 (this amount is referred to
as the exemption amount).
4. As of March 23, 2006, the Federal Reserve ceased construction and publication of M3. Given that daily data on
small denomination time deposits (the difference between total time deposits and large time deposits) are necessary
for use in constructing the M2 monetary aggregate, the Federal Reserve has determined that it is least burdensome
for depository institutions to continue to collect total and large time deposit data on the FR 2900 reporting form.
5. Prior to 1991, the FR 2950 and FR 2951 were also used in the calculation of required reserves. These reports
were discontinued in May 2004.

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