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It's Final: Regulation DD Change
At the end of August, the FRB issued a final amendment to Regulation DD regarding APY calculations. The new rule makes final the interim rule issued in January, 1995. The new rule provides a special method for disclosing the APY for certificates of deposit that have maturities greater than one year but no compounding. The APY formula produces an APY that is lower than the contract rate. The new rule allows the use of the contract rate in these situations.
Copyright © 1998 Compliance Action. Originally appeared in Compliance Action, Vol. 3, No. 12, 10/98
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