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ABA: The American Bankers Association
Compliance News

Fed Publishes FAQs on Recent Reg D Changes

After releasing its interim final rule last month amending Regulation D to eliminate the six-per-month withdrawal limit from savings accounts, the Federal Reserve has updated its related FAQs. In response to questions over whether the amendments to Reg D are temporary or permanent, the FAQs noted that the Fed’s recent action reducing all reserve requirement ratios to zero has eliminated the need to distinguish between reservable “transaction accounts” and non-reservable “savings deposits.”

The FAQs further state that “the Board does not have plans to re-impose transfer limits but may make adjustments to the definition of savings accounts in response to comments received on the Board’s interim final rule and, in the future, if conditions warrant.”

The FAQs also clarify that the recent amendments to Regulation D “did not result in savings deposits or accounts described in 12 CFR 204.2(d)(2) now being covered by Regulation CC, the implementing regulation for the Expedited Funds Availability Act. Read the FAQs. For more information, or to join ABA’s banker working group on this issue contact ABA’s Alison Touhey.