Truth in Savings Act
The Federal Reserve Board has issued an official staff commentary that applies and interprets the requirements of Regulation DD - Truth in Savings. The commentary, which replaces individual staff interpretations, incorporates most of the guidance provided when the regulation was adopted and addresses additional questions raised since that time. Attached is a copy of the staff commentary, which is effective February 6, 1995. The official staff commentary clarifies, among other things, that:
If you have questions about Regulation DD or this commentary, please contact the staff of the Division of Compliance and Consumer Affairs in your Region (list attached).
Enclosure Federal Register (HTML format)
FEDERAL RESERVE press release
The Federal Reserve Board today issued an official staff commentary to Regulation DD, Truth in Savings. The commentary applies and interprets the requirements of the regulation and is a substitute for individual staff interpretations. The commentary incorporates much of the guidance provided when the regulation was adopted, and addresses additional questions raised since that time. The commentary is effective immediately, but compliance is optional until February 6, 1995.
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