Reg. D IFR 2020 Apr – Q.3. If a depository institution suspends enforcement of the six transfer limit on a "savings deposit," may the depository institution report the account as a "transaction account"...?

Compliance > Regulation D - Reserve Requirements

Q:  If a depository institution suspends enforcement of the six transfer limit on a "savings deposit," may the
depository institution report the account as a "transaction account" rather than as a "savings deposit"?

 

A:  Yes. If a depository institution suspends enforcement of the six transfer limit on a "savings deposit," the depository institution may report that account as a "transaction account" on its FR 2900 reports. A depository institution may instead, if it chooses, continue to report the account as a "savings deposit."

 

 

This information can be found in the FRB’s Reg. D Interim Final Rule that was published on April 28, 2020 with a stated effective date of April 24, 2020, here - https://www.federalregister.gov/documents/2020/04/28/2020-09044/regulation-d-reserve-requirements-of-depository-institutions

 

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