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997 Part 230—Truth in Savings (Regulation

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997 Part 230—Truth in Savings (Regulation Federal Reserve System § 230.1 order to extend the state availability sched- PART 230—TRUTH IN SAVINGS ule up to the Federal availability schedule. Once the deposit is held up to the Federal (REGULATION DD) availability limit under a state exception, the depositary bank may further extend the Sec. hold only if a Federal exception can be ap- 230.1 Authority, purpose, coverage, and ef- plied to the deposit. Any time a depositary fect on state laws. bank invokes an exception to extend a hold 230.2 Definitions. beyond the time periods otherwise permitted 230.3 General disclosure requirements. by law, it must give notice of the extended 230.4 Account disclosures. hold to its customer in accordance with 230.5 Subsequent disclosures. § 229.13(g) of Regulation CC. 230.6 Periodic statement disclosures. Business day/banking day. The definitions of 230.7 Payment of interest. business day and banking day in the Wis- 230.8 Advertising. consin statutes are preempted by the Regu- 230.9 Enforcement and record retention. lation CC definition of those terms. For de- 230.10 [Reserved] termining the permissible hold under the 230.11 Additional disclosure requirements Wisconsin schedules that supersede the Reg- for overdraft services. ulation CC schedule, deposits are considered APPENDIX A TO PART 230—ANNUAL PERCENT- available for withdrawal on the specified AGE YIELD CALCULATION number of business days following the bank- APPENDIX B TO PART 230—MODEL CLAUSES ing day of deposit. AND SAMPLE FORMS Wisconsin law considers funds to be depos- APPENDIX C TO PART 230—EFFECT ON STATE ited, for the purpose of determining when LAWS they must be made available for withdrawal, APPENDIX D TO PART 230—ISSUANCE OF STAFF when an item is ‘‘received at the proof and INTERPRETATIONS transit facility of the depository.’’ For the SUPPLEMENT I TO PART 230—OFFICIAL STAFF purposes of this preemption determination, INTERPRETATIONS funds are considered deposited under Wis- AUTHORITY: 12 U.S.C. 4301 et seq. consin law in accordance with the rules set forth in § 229.19(a) of Regulation CC. SOURCE: 57 FR 43376, Sept. 21, 1992, unless otherwise noted. Disclosures The Wisconsin statute does not require dis- § 230.1 Authority, purpose, coverage, and effect on state laws. closure of a bank’s funds availability policy. The state law does require, however, that a (a) Authority. This part, known as bank give notice to its customer if it extends Regulation DD, is issued by the Board the time within which funds will be available of Governors of the Federal Reserve for withdrawal due to the bank’s doubt as to System to implement the Truth in the collectibility of the item (Wisconsin Savings Act of 1991 (the act), contained Statutes sections 404.213(4m)(b); 215.136(2); in the Federal Deposit Insurance Cor- and 186.117(2)). poration Improvement Act of 1991 (12 Regulation CC preempts state disclosure U.S.C. 3201 et seq., Pub. L. 102–242, 105 requirements concerning funds availability Stat. 2236). Information-collection re- that relate to accounts that are inconsistent with the Federal requirements. The state re- quirements contained in this part have quirement is different from, and therefore been approved by the Office of Manage- inconsistent with, the Federal disclosure ment and Budget under the provisions rules (§ 229.20(c)(2)). Thus, the Wisconsin stat- of 44 U.S.C. 3501 et seq. and have been ute is preempted by Regulation CC to the ex- assigned OMB No. 7100–0271. tent that the state notice requirement ap- (b) Purpose. The purpose of this part plies to accounts as defined by Regulation is to enable consumers to make in- CC. The Wisconsin requirement would con- formed decisions about accounts at de- tinue to apply to accounts, such as savings pository institutions. This part re- and time accounts, not governed by the Reg- quires depository institutions to pro- ulation CC disclosure requirements. vide disclosures so that consumers can [53 FR 32356, Aug. 24, 1988, as amended at 53 make meaningful comparisons among FR 44328, Nov. 2, 1988; 53 FR 47524, Nov. 22, depository institutions. 1988; 53 FR 51748, Dec. 23, 1988; Reg. CC, 54 FR (c) Coverage. This part applies to de- 13838, Apr. 6, 1989; 55 FR 11358, Mar. 28, 1990; pository institutions except for credit 60 FR 51703, Oct. 3, 1995] unions. In addition, the advertising rules in § 230.8 of this part apply to any 997 VerDate Mar<15>2010 13:49 Mar 02, 2011 Jkt 223037 PO 00000 Frm 01007 Fmt 8010 Sfmt 8010 Y:\SGML\223037.XXX 223037 WReier-Aviles on DSKGBLS3C1PROD with CFR § 230.2 12 CFR Ch. II (1–1–11 Edition) person who advertises an account of- cash, credit, merchandise, or any fered by a depository institution, in- equivalent) given or offered to a con- cluding deposit brokers. sumer during a year in exchange for (d) Effect on state laws. State law re- opening, maintaining, renewing, or in- quirements that are inconsistent with creasing an account balance. The term the requirements of the act and this does not include interest, other consid- part are preempted to the extent of the eration worth $10 or less given during a inconsistency. Additional information year, the waiver or reduction of a fee, on inconsistent state laws and the pro- or the absorption of expenses. cedures for requesting a preemption de- (g) Business day means a calendar day termination from the Board are set other than a Saturday, a Sunday, or forth in appendix C of this part. any of the legal public holidays speci- [57 FR 43376, Sept. 21, 1992, as amended at 74 fied in 5 U.S.C. 6103(a). FR 5593, Jan. 29, 2009] (h) Consumer means a natural person who holds an account primarily for § 230.2 Definitions. personal, family, or household pur- For purposes of this part, the fol- poses, or to whom such an account is lowing definitions apply: offered. The term does not include a (a) Account means a deposit account natural person who holds an account at a depository institution that is held for another in a professional capacity. by or offered to a consumer. It includes (i) Daily balance method means the ap- time, demand, savings, and negotiable plication of a daily periodic rate to the order of withdrawal accounts. For pur- full amount of principal in the account poses of the advertising requirements each day. in § 230.8 of this part, the term also in- (j) Depository institution and institu- cludes an account at a depository insti- tion mean an institution defined in sec- tution that is held by or on behalf of a tion 19(b)(1)(A)(i)-(vi) of the Federal deposit broker, if any interest in the Reserve Act (12 U.S.C. 461), except cred- account is held by or offered to a con- it unions defined in section sumer. 19(b)(1)(A)(iv). (b) Advertisement means a commercial (k) Deposit broker means any person message, appearing in any medium, who is a deposit broker as defined in that promotes directly or indirectly: section 29(g) of the Federal Deposit In- (1) The availability or terms of, or a surance Act (12 U.S.C. 1831f(g)). deposit in, a new account; and (2) For purposes of § 230.8(a) and (l) Fixed-rate account means an ac- § 230.11 of this part, the terms of, or a count for which the institution con- deposit in, a new or existing account. tracts to give at least 30 calendar days (c) Annual percentage yield means a advance written notice of decreases in percentage rate reflecting the total the interest rate. amount of interest paid on an account, (m) Grace period means a period fol- based on the interest rate and the fre- lowing the maturity of an automati- quency of compounding for a 365-day cally renewing time account during period and calculated according to the which the consumer may withdraw rules in appendix A of this part. funds without being assessed a penalty. (d) Average daily balance method (n) Interest means any payment to a means the application of a periodic consumer or to an account for the use rate to the average daily balance in the of funds in an account, calculated by account for the period. The average application of a periodic rate to the daily balance is determined by adding balance. The term does not include the the full amount of principal in the ac- payment of a bonus or other consider- count for each day of the period and di- ation worth $10 or less given during a viding that figure by the number of year, the waiver or reduction of a fee, days in the period. or the absorption of expenses. (e) Board means the Board of Gov- (o) Interest rate means the annual ernors of the Federal Reserve System. rate of interest paid on an account (f) Bonus means a premium, gift, which does not reflect compounding. award, or other consideration worth For the purposes of the account disclo- more than $10 (whether in the form of sures in § 230.4(b)(1)(i) of this part, the 998 VerDate Mar<15>2010 13:49 Mar 02, 2011 Jkt 223037 PO 00000 Frm 01008 Fmt 8010 Sfmt 8010 Y:\SGML\223037.XXX 223037 WReier-Aviles on DSKGBLS3C1PROD with CFR Federal Reserve System § 230.3 interest rate may, but need not, be re- Electronic Signatures in Global and ferred to as the ‘‘annual percentage National Commerce Act (E-Sign Act) rate’’ in addition to being referred to as (15 U.S.C.
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