BOARD OF GOVERNORS
DIVISION OF CONSUMER
July 21, 2010
TO THE OFFICERS AND MANAGERS IN CHARGE OF CONSUMER AFFAIRS SECTIONS
SUBJECT: Updated Examination Procedures for Regulation DD
The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council recently approved the attached updated examination procedures for Regulation DD (Truth in Savings). The updated procedures incorporate technical clarifications to Regulation DD (75 Federal Register 31673), which were effective July 6, 2010 (except as noted below). The clarifications include:
In addition to the regulatory changes, the examination procedures clarify that when listing overdraft fees and returned item fees in the required table on periodic statements, the table should have internal lines to distinguish rows and columns (see the illustration in the section on the disclosures requirements for overdraft services).
If you have any questions, please contact Kathleen Conley, Senior Supervisory Consumer Financial Services Analyst, at (202) 452-2389 or Paul Robin, Manager, Oversight and Policy, at (202) 452-3140.
Attachment: Reg DD exam procedures (7-7-10) (297 kb PDF)
Supercedes: CA 09-14 (December 16, 2009)CA letters | 2010 Letters