Thread Options
#1958590 - 09/02/14 05:52 PM repeal of part 329
beagleboy Offline
New Poster
Joined: Jun 2014
Posts: 4
FDIC repealed part 329 in 2011. Did the repeal also include the transaction limitations on MMA and svgs accounts?

Return to Top
Deposits and Payments
#1958592 - 09/02/14 05:53 PM Re: repeal of part 329 beagleboy
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 77,277
Galveston, TX
Did the repeal also include the transaction limitations on MMA and svgs accounts?

Those limitations are found in Regulation D (12 CFR 204).
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#1958603 - 09/02/14 06:09 PM Re: repeal of part 329 beagleboy
beagleboy Offline
New Poster
Joined: Jun 2014
Posts: 4
Yes, I know where the limitations are found, but did the repeal of part 329 remove the limitations on these accounts?

Return to Top
#1958605 - 09/02/14 06:10 PM Re: repeal of part 329 beagleboy
beagleboy Offline
New Poster
Joined: Jun 2014
Posts: 4
Are banks that are regulated by FDIC exempt from the limitation requirements of reg D?

Return to Top
#1958607 - 09/02/14 06:11 PM Re: repeal of part 329 beagleboy
manimal Offline
Diamond Poster
manimal
Joined: Feb 2008
Posts: 2,207
Deleted
No, transaction limitations are still there in Reg. D. And yes, FDIC banks are subject to them.
_________________________
We're all here 'cause we've lost control.

Innerpartysystem

Return to Top
#1958609 - 09/02/14 06:11 PM Re: repeal of part 329 beagleboy
Kathleen O. Blanchard Offline

10K Club
Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,277
No the transaction limitations (now at 1004, not 204) were not repealed, they have been adjusted. And FDIC regulated banks are not exempt.
_________________________
Kathleen O. Blanchard, CRCM "Kaybee"
HMDA/CRA Training/Consulting/Mapping
The HMDA Academy
www.kaybeescomplianceinsights.com

Return to Top
#1958626 - 09/02/14 06:39 PM Re: repeal of part 329 beagleboy
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 77,277
Galveston, TX
ahh - KB - Regulation D is still 12 CFR 204 - it was not transferred to the CFPB.

12 CFR 1004 would be the Alternative Mortgage Transaction Parity regulations.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#1958636 - 09/02/14 06:46 PM Re: repeal of part 329 beagleboy
Kathleen O. Blanchard Offline

10K Club
Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,277
And you are right! Stayed up too late last night working!
_________________________
Kathleen O. Blanchard, CRCM "Kaybee"
HMDA/CRA Training/Consulting/Mapping
The HMDA Academy
www.kaybeescomplianceinsights.com

Return to Top
#1958640 - 09/02/14 06:59 PM Re: repeal of part 329 beagleboy
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 39,336
Cape Cod
OK. To sum up. The repeal of FRB Regulation Q (Part 217) and FDIC Part 329 were not related in any way to the FRB's Regulation D (Part 204). Regulation D remains in effect, including its definitions (and the restriction in those definitions) of savings accounts, which includes money market deposit accounts.

And you didn't ask, but there also no change to the definition of, or the restrictions on ownership of, NOW accounts.
_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

Return to Top
#1986384 - 01/05/15 09:24 PM Re: repeal of part 329 beagleboy
Ann Offline
Platinum Poster
Joined: Jul 2001
Posts: 550
South Carolina
Just curious, I know it is not repealed, but I can not find examination procedures for this in the FDIC Compliance Examination Manual. Am I missing something in the manual?I thought it was there at one time.

Return to Top
#1986406 - 01/05/15 10:09 PM Re: repeal of part 329 beagleboy
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 77,277
Galveston, TX
Examination procedures for what?
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#1986414 - 01/05/15 10:20 PM Re: repeal of part 329 beagleboy
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 39,336
Cape Cod
Wild guess is she is asking about Reg D transfer limits on savings accounts.
_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

Return to Top
#1986430 - 01/06/15 12:59 AM Re: repeal of part 329 beagleboy
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 77,277
Galveston, TX
Well, it was lumped into in the Interest on Deposits section of the exam manual which has been deleted.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#1986524 - 01/06/15 04:54 PM Re: repeal of part 329 beagleboy
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 39,336
Cape Cod
Classic example of tossing out the baby with the bathwater.
_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

Return to Top

Moderator:  John Burnett