Academic journal article ABA Banking Journal

As Deadline Nears, Some New Points on Reg DD

Academic journal article ABA Banking Journal

As Deadline Nears, Some New Points on Reg DD

Article excerpt

As deadline nears, some

new points on Reg DD

As your bank works towards mandatory compliance with the Truth in Savings Act, implemented by Regulation DD, by June 21, be advised that the Federal Reserve has made some notable adjustments.

First, rate boards, electronic displays, and other indoor advertising in bank offices are only required to present the annual percentage yield on an account, with a statement that employees can provide additional disclosures. However, if such displays, although technically situated indoors, were for all practical purposes designed to be read from outdoors (i.e. through a door or window) then the above exemption would not apply.

Second, there had been a question of whether the change in the effective date of the entire regulation also applied to the requirement to notify existing accountholders that truth in savings disclosures are available from the bank. It does. The notification can be included in, or with, the first account statement sent on or after June 21.

Other changes made by the Fed:

* "Change in terms" notices will not be required for an increase in check printing fees, whether the checks are obtained through a third-party supplier or through the bank. …

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