Reg. D IFR 2020 Apr – Q.6. Suppose an institution has agreements with its "savings deposit" customers that … enforce the six transfer limit…. Does the rule require the institution to amend those agreements in any particular way?

Compliance > Regulation D - Reserve Requirements
Q:  Suppose a depository institution has account agreements with its "savings deposit" customers that require the depository institution to enforce the six transfer limit. Suppose further that the depository institution would like to amend those account agreements so that the depository institution no longer has a contractual obligation to enforce the six transfer limit on its "savings deposit" accounts.  Does the interim final rule require the depository institution to amend those agreements in any particular way?
 
A:  No. The interim final rule does not specify the manner in which depository institutions that choose to amend their account agreements may do so.
 
 
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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