|For immediate release|
The Federal Reserve Board today published an interim rule to Regulation DD, which implements the Truth in Savings Act. The rule permits depository institutions to deliver disclosures on periodic statements to a consumer's e-mail account or post them on a web site, if the consumer agrees.
The interim rule is effective September 1, 1999.
Under an earlier interim rule published by the Board in March 1998, periodic statements and other disclosures required under Regulation E (which implements the Electronic Fund Transfer Act) may be delivered electronically if the consumer agrees. Institutions commonly provide a single periodic statement that complies with Regulations E and DD.
Therefore, this interim rule for Regulation DD, approved by the Board on August 18, should allow depository institutions to deliver deposit account statements electronically under a single set of procedures, and avoid the cost of printing and mailing the information.
Summary and interim rule (22 KB PDF) (as revised on September 15, 1999)
1999 Banking and consumer regulatory policy