FEDERAL RESERVE SYSTEM 12 CFR Part 230 [Regulation DD; Docket No. R-0869] Truth in Savings AGENCY: Board of Governors of the Federal Reserve System. ACTION: Final rule. SUMMARY: The Board has adopted a rule amending Regulation DD (Truth in Savings); the action makes final an interim rule adopted in January 1995. The amendment permits institutions to disclose an annual percentage yield (APY) equal to the contract interest rate for time accounts with maturities greater than one year that do not compound but that require interest distributions at least annually. EFFECTIVE DATE: August 28, 1998 FOR FURTHER INFORMATION CONTACT: Jane Ahrens, Senior Attorney, or Obrea Otey Poindexter, Staff Attorney, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System at (202) 452-2412 or 452-3667; for the hearing impaired only contact Diane Jenkins, Telecommunications Device for the Deaf (TDD) at (202) 452-3544.
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1998 Banking and consumer regulatory policy