Reg. D IFR 2020 Apr – Q.7. If an institution chooses to suspend enforcement of the six transfer limit…must the institution change the name of the account if the account name has the words "savings" or "savings deposit" in it?

Compliance > Regulation D - Reserve Requirements
Q:   If a depository institution chooses to suspend enforcement of the six transfer limit on a "savings deposit," must the depository institution change the name of the account or product if the account or product name has the words "savings" or "savings deposit" in it?
 
A:  No. The interim final rule does not require depository institutions to change the name of any accounts or products that have the words "savings" or "savings deposit" in the name of the account or product.
 
 
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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