Regulation D Interim Final Rule Summary

Updated 04/29/2020

In January 2019, the Federal Open Market Committee (FOMC) announced that it would implement a monetary policy consistent with an “ample reserves regime.” In light of this shift, the reserve requirements were reduced to 0% effective March 26, 2020. As a result of eliminating the reserve requirements, the FRB determined that the regulatory distinction in Regulation D between reservable “transaction accounts” and non-reservable “savings deposits” was no longer necessary. As separate reasoning for this change, the FRB added that depositors have a more urgent need to access all funds remotely due to “financial disruptions arising in connection with the novel coronavirus.” For the reasons above, the FRB announced on April 23, 2020 that it was amending Regulation D to delete the six-transfer limit from the “savings deposit” definition. This Rule deletes the provisions in the “savings deposit” definition that restrict transfers and withdrawals in excess of the regulatory limit. The Rule also makes conforming changes to other definitions in Regulation D that refer to “savings deposit” as necessary.

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