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ARTICLE · 21 MAY 2020

Federal Reserve Board Eliminates Transfer Limits On Savings Deposits

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The Federal Reserve Board ("FRB") adopted an interim final rule aimed at simplifying reserve requirements by temporarily eliminating transfer limits on savings deposits.

United StatesFinance and Banking
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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The Federal Reserve Board ("FRB") adopted an interim final rule aimed at simplifying reserve requirements by temporarily eliminating transfer limits on savings deposits.

Specifically, the FRB is revising the "savings deposit" definition under FRB Regulation D ("Reserve Requirements of Depository Institutions") by eliminating the limit on customers' transfers from their savings deposit accounts from a maximum of six transfers per month. The FRB noted that the revision to Regulation D has no effect on deposit reporting requirements.

The effective date is the date of publication in the Federal Register. Comments must be submitted within 60 days of that publication.

Originally published April 24, 2020.

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