On October 11th, the Federal Reserve Board requested comment on proposed rules intended to simplify the administration of reserve requirements and reduce administrative and operational costs for both depository institutions and Reserve Banks. The proposed simplifications to Regulation D (Reserve Requirements of Depository Institutions) would create a common two-week maintenance period for all depository institutions; create a penalty-free band around reserve balance requirements in place of using carryover and routine penalty waivers; discontinue as-of adjustments related to deposit revisions and replace all other as-of adjustments with direct compensation, and eliminate the contractual clearing balance program. Proposed amendments to Regulation J (Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers through Fedwire) would eliminate references in Regulation J to "as-of adjustments," consistent with the proposed amendments to Regulation D, and make clarifications about the handling of checks and funds transfers sent to the Federal Reserve Banks. Comments on the proposals should be submitted within 60 days after publication in the Federal Register, which is expected during the week of October 17. Federal Reserve Board Press Release.