The "Notes" have changed for M1 and M2 at FRED

I notice that the "Notes" have changed for M1 and M2 at FRED. Here are the old M1 notes:

 

You might want to click that to see it bigger.

Here are the new M1 notes. There is a before the change part and a since the change part. I'm highlighting the stuff that's the same in both parts (to make it easier to see what changed), and highlighting key changes to the text in red:

Before May 2020, M1 consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (3) other checkable deposits (OCDs), consisting of negotiable order of withdrawal, or NOW, and automatic transfer service, or ATS, accounts at depository institutions, share draft accounts at credit unions, and demand deposits at thrift institutions.

Beginning May 2020, M1 consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (3) other liquid deposits, consisting of OCDs and savings deposits (including money market deposit accounts).

And the new M2 notes, again with similarities highlighted in similar colors:

Before May 2020, M2 consists of M1 plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000) less individual retirement account (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market funds (MMFs) less IRA and Keogh balances at MMFs.

Beginning May 2020, M2 consists of M1 plus (1) small-denomination time deposits (time deposits in amounts of less than $100,000) less IRA and Keogh balances at depository institutions; and (2) balances in retail MMFs less IRA and Keogh balances at MMFs.

Okay. Before May 2020, savings deposits were included in M2. Since May 2020, savings deposits are included in M1. Since M2 includes M1, savings are still included in M2 (but indirectly, rather than directly). The big change is that savings are now included in M1. So M1 is a lot bigger, and the "other" part of M2 is a lot smaller.