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On April 13, 2015, the Board of Governors of the Federal Reserve System (Board) proposed amendments to Regulation D (Reserve Requirements of Depository Institutions) making technical changes to the calculation of interest payments on certain balances maintained by depository institutions at Federal Reserve Banks. The amendments enhance the effectiveness of changes in the interest on excess reserves (IOER) rate in moving the federal funds rate into the target range established by the Federal Open Market Committee when changes in those rates do not coincide with the beginning of a maintenance period. The amendments proposed permitting interest payments to be based on a daily rate rather than on a maintenance period average rate. Under the former rule, if the rate of interest paid on excess balances (the IOER rate) had changed in the middle of a two-week maintenance period, the change would not have been fully reflected in the interest payments to depository institutions until the beginning of a new maintenance period. The new rule bases interest payments to depository institutions with excess balances on the IOER rate in effect each day and the level of balances held each day, rather than on the average IOER rate and average level of excess balances over the maintenance period. The proposed amendments received no substantive comments. On June 18, 2015, the proposed amendments were approved as a final rule, which became effective on July 23, 2015.