Press Release

April 24, 2020 Federal Reserve Board announces interim final rule to delete the six-per-month limit on convenient transfers from the "savings deposit" definition in Regulation D For release at 10:00 a.m. EDT Share The Federal Reserve Board on Friday announced an interim final rule to amend Regulation D (Reserve Requirements of Depository Institutions) to delete the six-per-month limit on convenient transfers from the "savings deposit" definition. The interim final rule allows depository institutions immediately to suspend enforcement of the six transfer limit and to allow their customers to make an unlimited number of convenient transfers and withdrawals from their savings deposits at a time when financial events associated with the coronavirus pandemic have made such access more urgent. The regulatory limit in Regulation D was the basis for distinguishing between reservable "transaction accounts" and non-reservable "savings deposits." The Board's recent action reducing all reserve requirement ratios to zero has rendered this regulatory distinction unnecessary. Concurrently, the Federal Reserve is making temporary revisions to the FR 2900 series, FR Y-9, and FR 2886b reports to reflect the amendments to Regulation D. The Board's Federal Register notices are attached. For media inquiries, call 202-452-2955. Comments: Submit | View Federal Register notices: Regulation D: Reserve Requirements of Depository Institutions Agency Information Collection Activities: Announcement of Temporary Approval by the Board Under Delegated Authority and Submission to OMB (PDF) Related Content Board Votes Savings Deposits Frequently Asked Questions

Federal Reserve (2020, April 23). Press Release. Press Releases, Federal Reserve. https://whenthefedspeaks.com/doc/press_release_20200424_federal_reserve_board_announces_interim_final

@misc{wtfs_press_release_20200424_federal_reserve_board_announces_interim_final,
  author = {Federal Reserve},
  title = {Press Release},
  year = {2020},
  month = {Apr},
  howpublished = {Press Releases, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/press_release_20200424_federal_reserve_board_announces_interim_final},
  note = {Retrieved via When the Fed Speaks corpus}
}