Data / Federal rules / 2025-23548

Policy Statement on Section 9(13) of the Federal Reserve Act

The Federal Reserve System published this final rule in the Federal Register on December 22, 2025. It took effect on December 22, 2025.

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What the agency says

The Board of Governors of the Federal Reserve System (Board) is rescinding its 2023 policy statement interpreting section 9(13) of the Federal Reserve Act (FRA) (2023 Policy Statement), which set out a presumption for how the Board would exercise its authority under that provision and elaborated on supervisory expectations at that time related to "novel and unprecedented" activities. The Board is also withdrawing from the record the Supplementary Information that accompanied the 2023 Policy Statement, which discussed specific crypto- asset activities. The Board is replacing the 2023 Policy Statement with a new policy statement on section 9(13) of the FRA, which is designed to facilitate innovation by state member banks in a manner that is consistent with bank safety and soundness and preserving the stability of the U.S. financial system. The new policy statement also provides guidance to uninsured state member banks and uninsured state-chartered bank applicants for membership who may seek to engage in activities as principal that are not permissible for insured state member banks.

Key facts

Document number: 2025-23548
Type: Final rule
Action: Final rule; rescission of a policy statement; issuance of a policy statement
Agency: Federal Reserve System
Published: December 22, 2025
Takes effect: December 22, 2025
Dates: This final rule and policy statement is effective on December 22, 2025.
Docket: Docket No. OP-1876
Regulation ID (RIN): 7100-AH14
Code of Federal Regulations: 12 CFR 208
Topics: Accounting; Agriculture; Banks, banking; Confidential business information; Consumer protection; Crime; Currency; Flood insurance; Insurance; Investments; Mortgages; Reporting and recordkeeping requirements; Securities
Pages: 3

The document on federalregister.gov PDF

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Read from the Federal Register API, last updated 2026-10-23. The document on federalregister.gov is the official record; dates and dockets can change through later corrections. Free to reuse with credit to SpecStream under CC BY 4.0.