The Lifecycle of Deposits: Decoding Reg DD & Reg D

This webinar is part of our Spring 2023 Deposit Compliance Series along with Regulation E: How to Handle Disputes and Overcoming the Challenges of Regulation CC.  For a discounted rate on the series CLICK HERE

WHAT

Regulation DD, implementing the Truth in Savings Act, and Regulation D, implementing the Federal Reserve Act, are often confused with each other. Not only do they share similar names, they both refer to Deposit Accounts, NOW Accounts, Time Accounts, and make mention of withdrawal limitations. However, these rules are very different and good deposit compliance requires you to have a deep understanding of each regulation, how they interact, and how they fit into the lifecycle of a deposit account.

• Regulation DD: Truth in Savings Act Regulation DD is centered around consumer protection and is designed to ensure deposit accounts are described accurately in advertising, account-opening, and later in periodic account statements.
  • This program outlines the specific descriptions that need to be provided, from the APY (Annual Percentage Yield), and fees and penalties, to features of the account. You will learn how to avoid the reputational harm and regulatory consequences that can happen when an institution fails to truthfully describe what could, will, or has happened to a customer’s account.
• Regulation D: The Federal Reserve Act Regulation D is a Safety and Soundness regulation and requires financial institutions to set aside appropriate liquid fund reserves in case there is a run on the bank.
  • Even though Regulation D isn’t a consumer protection regulation, there are components that require the attention and understanding of a compliance officer. You’ll come away knowing how to appropriately address eligibility requirements, as well as mandatory and optional withdrawal limitations.

REASONS TO ATTEND:

To stay on the right side of both Reg DD and Reg D, you need to know all of the requirements for the entire life cycle of a deposit account. When you join us March 30th, you’ll gain the practical knowledge needed to understand:

• Required advertising disclosures
  • Triggering terms
  • How ads in different mediums can differ, including online and social media advertising
• The APY (Annual Percentage Yield) and how to accurately calculate it
• General disclosure requirements
  • Who needs to receive them
  • When they must be provided
• Account opening disclosure requirements for deposit and time accounts
• Eligibility requirements
• Withdrawal limitations
• Special disclosures for overdraft services
• Change in Terms disclosure requirements
• Periodic Statement requirements
• Record retention
• UDAP traps

“If you touch deposit compliance in any way, either as a compliance officer, an operations officer, or in customer service, this is crucial information to know and understand. I’ve been on the front lines of compliance for 20+ years, and I’ve lived these things. I’ve implemented and been repeatedly examined on these laws and have the perspective and insight to share!”

WHO SHOULD ATTEND:

This program is designed for compliance officers, operations officers, customer service representatives, auditors, and bank managers.

All webinar registrations include a recording of the session that can be reviewed as needed.

Overcoming the Challenges of Regulation CC has been submitted to ABA Professional Certifications for CE credit review and is pending approval. Once we receive notification of the credit approval, we will notify attendees.