Federal Reserve Announces Regulation D Amendment

Today, the Federal Reserve Board announced an Interim Final Rule amending Regulation D, removing the six-per-month limit on transfers from savings accounts.

The interim final rule allows credit unions and other depository institutions to immediately suspend enforcement of the six-transfer limit and allow members to make an unlimited number of transfers and withdrawals from their savings accounts at a time when financial transactions without going to a branch or ATM are necessary.

The announcement comes on the heels of the efforts of CUNA and state leagues encouraging the Federal Reserve to eliminate the six-transfer restriction in response to the COVID-19 pandemic.

There will be a 60-day comment period on the interim final rule upon date of publication in the Federal Register. The Federal Reserve’s press release can be found here.

Please direct any questions to MCUL Senior Director of Regulatory Affairs Sarah Stevenson.