For immediate release

The Federal Reserve Board today made final an interim rule amending Regulation DD, Truth in Savings, regarding the disclosure of the annual percentage yield (APY). The rule permits institutions to disclose an APY equal to the contract interest rate for certain time accounts; the rule applies only to time accounts with maturities greater than one year that do not compound but that require interest distributions at least annually. The Board's notice is attached.

Summary only | Final rule (27 KB PDF)

1998 Banking and consumer regulatory policy