What does Regulation DD require?
What does Regulation DD require?
TISA was designed to enable consumers to make informed decisions about bank accounts. It requires banks to provide to consumers disclosures about terms and costs of deposit accounts and imposes requirements for deposit account advertisements.
What is Reg DD all about?
Regulation DD (12 CFR 230), which implements the Truth in Savings Act (TISA), became effective in June 1993. The purpose of Regulation DD is to enable consumers to make informed decisions about their accounts at depository institutions through the use of uniform disclosures.
What triggers an APY disclosure?
A: The annual percentage yield is a “trigger” term. The minimum balance required to obtain the advertised annual percentage yield. For tiered-rate accounts, the minimum balance required for each tier shall be stated in close proximity and with equal prominence to the applicable annual percentage yield.
What disclosures does an advertisement promoting the payment of overdrafts have to contain?
Disclosure of total fees (§ 230.11(a)(1)) Unless covered by an exception under section 230.11(a)(2), if an institution promotes the payment of overdrafts in an advertisement, the institution must disclose on its periodic statements (if it provides periodic statements) separate totals for the statement period and for …
What types of advertisements must be in compliance with Reg DD?
While Regulation DD is primarily focused on depository institutions, its advertising provisions in §230.8 “apply to any person who advertises an account offered by a depository institution, including deposit brokers.”2 Regulation DD broadly defines an advertisement as a commercial message in any medium that promotes …
Does Reg DD apply to credit cards?
Importantly, as Regulation DD only applies to accounts issued by depository institutions, the Regulation DD FAQs do not apply to credit unions and non-banks.
Does Reg DD cover business checking accounts?
Regulation DD applies only to accounts opened by individuals—not to corporate or other organizational accounts. 2 It is designed to protect and empower non-sophisticated customers. Regulation DD helps individuals make intelligent decisions about where to open financial accounts.
Does truth in savings apply to checking accounts?
The Truth in Savings Act applies to individuals opening personal accounts. However, the act does not apply to business accounts, corporate accounts, or organizations (such as nonprofits) that open a business deposit account.
What type of advertisements must be in compliance with Reg DD?
Who regulates mortgage advertising?
In July 2011, the Federal Trade Commission (FTC) issued the Mortgage Acts and Practices Rule—Advertising Final Rule (aka, MAP). Its purpose is to prevent unfair or deceptive acts in the mortgage industry by prohibiting misrepresentation in ads. You’re probably asking what this has to do with you if you’re not a lender.
What type of advertisement must be in compliance with Reg DD?
What does Regulation DD stand for?
12 CFR Part 1030 – Truth in Savings (Regulation DD) Most recently amended Dec. 30, 2011 Regulation DD helps consumers comparison-shop for deposit accounts.
When does Regulation DD apply to a consumer account?
These disclosures are given to consumers are various times, including when an account is first opened. Regulation DD applies only to accounts opened by individuals—not to corporate or other organizational accounts. 2 It is designed to protect and empower non-sophisticated customers.
How can regregulation DD help you?
Regulation DD helps consumers comparison-shop for deposit accounts. Please review the implementation and guidance materials available on our website, including regulations and official interpretation, before submitting a question about the Bureau’s rules or regulations.
What is Reg DD and Tisa?
Truth in Savings Act (Reg DD) Regulation DD implements the TISA. Regulation DD requires specific disclosures about overdrafts in materials provided to consumers and in advertisements.
