BPI Submits Comment Letter in Response To An Interim Final Rule Issued by The Federal Reserve Related to Regulation D

On June 29, BPI along with the Consumer Bankers Association submitted a comment letter in response to an interim final rule issued by the Federal Reserve related to Regulation D. The letter expresses support for the proposed changes to Regulation D which remove numeric limits on transfers and withdrawals from the definition of “savings deposit,” noting that these changes allow depositors to more easily access funds remotely in response to challenges brought about by the COVID-19 pandemic. Additionally, the letter calls for clarifications to Call Reports to conform with the amendments to Regulation D.

To read the full letter, click on the download button below.