Modification of the Payments System Risk Policy; Bankers' Banks, Edge Corporations, and Limited-Purpose Trust Companies

摘要

The Board has determined to assess a penalty fee on the average daily daylight overdrafts in Federal Reserve accounts incurred by bankers' banks that do not maintain reserves, Edge and agreement corporations, and limited-purpose trust companies. The rate for the daylight overdraft penalty fee is equal to the regular daylight overdraft rate applicable to other institutions plus 100 basis points, quoted on a 24-hour basis, for a 360-day year, and adjusted for the length of the Fedwire operating day. The penalty fee should create an incentive for institutions that do not have regular discount window access to avoid incurring daylight overdrafts in Federal Reserve accounts.