Credit unions have been a source of great financial relief and flexibility for their members during the COVID-19 pandemic, and the League is here to make sure credit unions can modify their operations with confidence to continue supporting their members. In April, the Federal Reserve Board announced an interim final rule to amend Regulation D to delete the six-per-month limit on convenient transfers from the savings deposit accounts. The interim final rule allows, but does not require, financial institutions to suspend enforcement of the transfer limit and to allow their customers to make an unlimited number of convenient transfers and withdrawals from their savings accounts. However, the Board has not made clear whether this change is permanent or temporary (i.e. if it will only last during the current health and economic crisis). In seeking to gain more assurance for credit unions that choose to suspend the transfer limit, the League advocated for making the changes to Regulation D permanent.
Please find the full comment letter on the regulatory advocacy webpage, and contact League Regulatory Counsel Chris Noble, Esq. if you have questions or concerns about the changes to Regulation D.