A voltage regulating module design is provided. In one aspect, a voltage regulating module (VRM) includes a first layer configured to output a regulated voltage that is based on a stepped down voltage, and a second layer stacked with the first layer, and a plurality of contacts, such as a ball grid array (BGA), on the first layer. The second layer includes a plurality of active components configured to provide the stepped down voltage to the first layer. The first and second layers have overlapping recesses, and the recess of the first layer has a larger footprint than the recess of the second layer. A plurality of the VRMS can be arranged to form an opening including a counterbore. A faster, such as a bolt, can be positioned in the opening. The first layer can have a larger clearance from the fastener positioned in the opening than the second layer.