The Board of Governors of the Federal Reserve System (the "FRB") voted to affirm the Countercyclical Capital Buffer (CCyB) at the current reserve level of zero percent. The FRB consulted with the Federal Deposit Insurance Company and the Office of the Comptroller of the Currency in making the determination that a higher capital reserve buffer was not needed at this time. The buffer is a tool that the FRB uses to increase the resiliency of the financial system when there is an elevated risk of above-normal future losses. The FRB stated that it reserves the right to exercise this rulemaking authority in the future.
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