Each bank must report its legal reserves as well as its deposit liabilities (depositors’ funds) to the in order to show compliance with the required reserves policy ..

Federal Reserve

Explanation: The Federal Reserve is USA's central banking system. The Federal Reserve is responsible for issuing money to banks in the US, and setting the policy on monetary affairs in America. In essence every bank operates under the Federal Reserve and because of this, must report their financial status, which includes their legal reserves and deposit liabilities to the Federal Reserve. This ensures that the banks comply with the reserves policy.

The Federal Reserve

Explanation:

Also known as the Fed represents United State's Central Bank. Like every other Central Bank around the world, it is responsible for ensuring  the stability, safety and flexibility of the United State's monetary system.

Basically, there are four functions of the Federal Reserve:

1. Monitoring national monetary policies to ensure the stability of the financial system

2. Supervision of banks and protection of the right of citizens

3. Ensuring the stability of the financial market by containing any risk that may occur

4. Providing specific monetary or financial services to the government of the United States.

The need for banks to report their legal reserves and depositors' funds to the Federal Reserve is apparently a part of the supervisioning responsibility of the Federal Reserve.

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