Fed · other · Published 1995-01-26 · Effective 1995-01-18 · 60 FR 5128
Document
Document number
95-1785
Federal Register citation
60 FR 5128
CFR reference
12 CFR 230
Type
Rule
Action
Interim rule.
Category
other
Agency
US Federal Reserve System
Publication date
1995-01-26
Effective date
1995-01-18
Docket
Regulation DD
Abstract
The Board has adopted an interim rule amending Regulation DD (Truth in Savings) to permit 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 require interest distributions at least annually. This interim rule does not apply to or affect institutions that permit but do not require (or that bar) interest distributions before maturity. This amendment resolves questions about the APY disclosure for these accounts during consideration of public comments on a related proposal published elsewhere in today's Federal Register.