Pending Reserve and Deposit Return Filing Compliance Policy | R-002

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Reserve and Deposit Return Filing Compliance Policy​

Motion No.: R-002-MAR-2026
Category: Banking Reserves
Legal Basis: Federal Reserve Act (FRA) §§ 4, 5, 6, 8, 9 & 11

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WHEREAS​

The Federal Reserve Bank of Redmont is mandated under the Federal Reserve Act to supervise and regulate financial institutions operating within the Redmont financial system, including the administration and monitoring of statutory reserve requirements; and

WHEREAS​

Deposit-taking financial institutions subject to reserve requirements must maintain thirty percent (30%) of client deposits as reserves held at the Federal Reserve Bank of Redmont and must submit monthly Reserve & Deposit Returns to allow the Federal Reserve Bank of Redmont to verify compliance with reserve regulations; and

WHEREAS​

Timely and accurate submission of Reserve & Deposit Returns is essential to the effective monitoring of liquidity conditions, enforcement of reserve requirements, and maintenance of financial system stability; and

WHEREAS​

The Federal Reserve Board has determined that clear submission procedures and defined penalties for late filing are necessary to ensure operational discipline and regulatory compliance among financial institutions;

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NOW, THEREFORE, BE IT RESOLVED THAT​

1. All deposit-taking financial institutions required to maintain reserve balances at the Federal Reserve Bank of Redmont shall submit a Reserve & Deposit Return at least once per calendar month.
2. Returns shall be due no later than 11:59 PM GMT-6 on the fifth (5th) day of each calendar month.
3. All Returns must be submitted through the designated filing form maintained by the Federal Reserve Bank of Redmont.
4. Each financial institution is responsible for ensuring the accuracy, completeness, and timely submission of its Return.
5. Any Return submitted after 11:59 PM GMT-6 on the fifth (5th) day of the month shall be considered late.
6. A late-filing fee of one thousand Redmont Dollars (R$ 1,000) per calendar day shall apply beginning on the day following the missed deadline and shall continue to accrue until the Return has been submitted and accepted by the Federal Reserve Bank of Redmont.
7. Where a financial institution has incurred a late-filing penalty within the preceding month, any subsequent late Return within that period shall incur an increased penalty of two thousand five hundred Redmont Dollars (R$ 2,500) per calendar day.
8. For the purpose of calculating late-filing fees, partial days shall be treated as full calendar days.
9. Requests for deadline extensions or exceptions must be submitted in writing to the Federal Reserve Bank of Redmont prior to the applicable filing deadline.
10. The Federal Reserve Bank of Redmont may, at its sole discretion, grant extensions in cases of force-majeure events beyond the reasonable control of the institution.
11. All approved extensions or exceptions shall be formally documented and retained for regulatory and auditing purposes.
12. The management of each financial institution shall be responsible for ensuring compliance with this policy.

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VOTING​

This motion shall be adopted upon approval by a simple majority of the sitting members of the Federal Reserve Board.
In the event of a tie, the Secretary of the Department of Commerce shall cast the deciding vote, pursuant to the Federal Reserve Act.

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EFFECTIVE DATE​

This motion shall take effect immediately upon passage and shall apply to all Reserve & Deposit Returns due beginning with the first filing period following its adoption.