02-029 C.M.R. ch. 118, § - FUNDS AVAILABILITY AND TRUTH-IN-SAVINGS (Reg. 18)

  1. § 029-118-I - AUTHORITY
  2. § 029-118-II - PURPOSE
  3. § 029-118-III - PROVISIONS OF THE REGULATION

SUMMARY:

History

On July 1, 1981, the Bureau of Financial Institutions promulgated a regulation governing deposit account charges. The focus of the 1981 regulation, which became Regulation 18, was to advance disclosure of deposit and share account charges. In 1987, Regulation 18 was revised to incorporate state requirements for disclosing policies governing funds availability. Since then, Regulation 18 was amended again to recognize the changes that have occurred on the federal level with respect to funds availability and truth-in-savings, including the adoption of truth-in-savings regulations for credit unions ( 12 CFR Part 707 ).

In 2012, the Bureau again amended Regulation 18 so that it more closely conformed to federal regulations, specifically, by incorporating by reference Federal Regulation CC, Federal Regulation DD, and National Credit Union Administration Board provisions, including amendments made to these federal regulations up to January 1, 2012.

The 2012 amendments also repealed the funds availability requirements for non-transaction accounts, as well as the account disclosure requirements for non-consumer accounts, which requirements do not exist in federal law for those types of accounts.

This promulgation

Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act transferred rulemaking authority for a number of consumer financial protection laws, including the Truth in Savings Act, from the Board of Governors of the Federal Reserve System (the Board) to the Consumer Financial Protection Bureau (the CFPB). In December 2011, the CFPB published its own Regulation DD, 12 CFR Part 1030, to implement the Truth in Savings Act. The CFPB's Regulation DD substantially duplicates Regulation DD, 12 CFR Part 230, issued by the Board. In February 2014, the Board proposed rulemaking repealing Regulation DD, 12 CFR Part 230, in response to this transfer of authority from the Board to the CFPB. The Bureau proposes to incorporate by reference the CFPB's Regulation DD, 12 CFR Part 1030 in this rulemaking, in place of the Board's Regulation DD, 12 CFR Part 230, which is being repealed.

Credit Unions are subject to neither 12 CFR Part 230 nor 12 CFR Part 1030, but rather to 12 CFR Part 707, issued by the National Credit Union Administration (NCUA). Since 2012, there have been several technical, non-substantive changes made by the NCUA to 12 CFR Part 707 and the Bureau proposes to incorporate by reference these changes in this promulgation.

The Bureau also proposes to incorporate by reference the Board's current Regulation CC, "Availability of Funds and Collection of Checks", 12 CFR Part 229. 1

2 Copies of 12 CFR Part 229 may be obtained from the Federal Reserve Bank of Boston, 600 Atlantic Avenue, Boston, MA 02106 or at federalreserve.gov. Copies of 12 CFR Part 1030 may be obtained from the Consumer Financial Protection Bureau at 1700 G Street, NW, Washington, D.C. 20552, or at consumerfinance.gov. Copies of 12 CFR Part 707 may be obtained at the National Credit Union Administration, Region 1, 9 Washington Square, Washington Avenue Extension, Albany, NY 12208, or at http://www.ncua.gov/ [File Link Not Available]

Nothing in this Regulation 18 shall be construed as curtailing the authority of federal regulators to administer Federal Regulation CC ( 12 CFR Part 229 ), Federal Regulation DD ( 12 CFR Part 1030 ) and National Credit Union Administration Board, Truth in Savings provisions ( 12 CFR Part 707 ).

National Credit Union Administration, Region 1, 9 Washington Square, Washington Avenue Extension, Albany, NY 12208, or at http://www.ncua.gov/. [File Link Not Available]

Notes

02-029 C.M.R. ch. 118, §
EFFECTIVE DATE:
September 5, 1993
EFFECTIVE DATE (ELECTRONIC CONVERSION):
May 11, 1996
AMENDED:
April 15, 2002
July 2, 2012 - filing 2012-151
EFFECTIVE DATE:
September 5, 1993
EFFECTIVE DATE (ELECTRONIC CONVERSION):
May 11, 1996
AMENDED:
April 15, 2002
July 2, 2012 - filing 2012-151
March 12, 2013 - corrected hyperlink on last page
REPEALED AND REPLACED:
9/1/2014- filing 2014- 153

Copies of 12 CFR Part 229, 12 CFR Part 230, and 12 CFR Part 707 may be obtained at cost from the Bureau of Financial Institutions, the Federal Reserve Bank of Boston, 600 Atlantic Avenue, Boston, MA 02106 tel. (617)973-3000, or the National Credit Union Administration, Region 1, 9 Washington Square, Washington Avenue Extension, Albany, NY 12208 tel. (518)862-7400. In addition, copies may be obtained via the Internet at http://www.federalreserve.gov/Regulations/RegRef.htm#cc http://www.federalreserve.gov/Regulations/RegRef.htm#dd , and http://www.ncua.gov/ref/rules_and_regs/rules_and_regs.html

For the purposes of Subpart IV(C) of this regulation, "schedule of account charges" means a listing of fees and charges relating to the maintenance and operation of an account which may be imposed by the financial institution or credit union on its account holder for using an account of a financial institution or credit union. It does not include a listing of fees for ancillary services such as safe deposit boxes, traveler's checks, night deposit bags, check printing, fax fees, photocopies or similar charges not directly related to the maintenance or operation of an account.

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