League advocates for making changes to Regulation D permanent

Published by: Emily Leite

July 7, 2020 | Government Affairs, Regulatory

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.

CONTACT US

E: cnoble@ohiocul.org
T: (614) 923-9762
C: (614) 448-6237

Other Movement News

Government Affairs

League supports Ohio Computer Crimes Act

While your credit union is busy taking care of its members, the League regularly heads to the Ohio Statehouse to advocate for your ability to serve them more efficiently and […]
Regulatory

Final Call: Oppose arbitrary CFPB credit card fee caps

Terms, conditions, and agreements between you and your members are just that: between you and your members. As member-owned financial cooperatives, credit unions already empower their members to not only […]
Member Benefits

Create employee handbook in minutes

HR Suite is a total human resource compliance solution for your company and is complimentary to League members. It is a customizable online company Policy Manual and Employee Handbook, plus […]