Regulation DD
E479385
Regulation DD is a U.S. federal regulation issued by the Federal Reserve under the Truth in Savings Act that requires depository institutions to provide clear and uniform information about interest rates and fees on deposit accounts.
All labels observed (1)
| Label | Occurrences |
|---|---|
| Regulation DD canonical | 1 |
Statements (49)
| Predicate | Object |
|---|---|
| instanceOf |
U.S. federal regulation
ⓘ
banking regulation ⓘ consumer protection regulation ⓘ |
| administeredBy | Consumer Financial Protection Bureau (Regulation DD, 12 CFR Part 1030, for CFPB-regulated entities) NERFINISHED ⓘ |
| appliesTo |
consumer deposit accounts
ⓘ
credit unions (via NCUA implementing rules) ⓘ depository institutions ⓘ |
| appliesToProduct |
checking accounts
ⓘ
money market deposit accounts ⓘ savings accounts ⓘ time deposits (certificates of deposit) ⓘ |
| basedOn | Truth in Savings Act NERFINISHED ⓘ |
| codifiedAt | 12 CFR Part 230 ⓘ |
| contains |
rules for calculating annual percentage yield (APY)
ⓘ
rules for calculating annual percentage yield earned (APYE) ⓘ |
| doesNotApplyTo | business-purpose deposit accounts ⓘ |
| effectiveFrom | June 21, 1993 ⓘ |
| enforcedBy |
Consumer Financial Protection Bureau (for most institutions)
NERFINISHED
ⓘ
Federal Reserve Board (historically) NERFINISHED ⓘ |
| fullName | Regulation DD – Truth in Savings NERFINISHED ⓘ |
| issuedBy | Board of Governors of the Federal Reserve System NERFINISHED ⓘ |
| jurisdiction |
United States of America
ⓘ
surface form:
United States
|
| legalArea |
banking law
ⓘ
consumer financial protection ⓘ |
| objective |
to enable consumers to make informed decisions about deposit accounts
ⓘ
to promote competition among depository institutions ⓘ |
| primaryPurpose |
to implement the Truth in Savings Act
ⓘ
to require clear and uniform disclosure of deposit account terms ⓘ |
| regulates |
advertised annual percentage yield (APY)
ⓘ
advertising of deposit accounts ⓘ use of terms such as “free” in deposit account advertising ⓘ |
| relatedTo |
Consumer Financial Protection Act of 2010
NERFINISHED
ⓘ
NCUA Truth in Savings regulation (12 CFR Part 707) NERFINISHED ⓘ Truth in Savings Act NERFINISHED ⓘ |
| requires |
disclosure of account terms before account opening
ⓘ
disclosure of changes in account terms ⓘ disclosure of fees imposed during the statement period ⓘ disclosure of interest earned during the statement period ⓘ periodic statement disclosures ⓘ retention of evidence of compliance ⓘ standardized format for deposit account disclosures ⓘ |
| requiresDisclosureOf |
annual percentage yield (APY)
ⓘ
bonus or promotional terms ⓘ compounding and crediting policies ⓘ fees on deposit accounts ⓘ interest rates on deposit accounts ⓘ method of interest calculation ⓘ minimum balance requirements ⓘ transaction limitations ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.