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Reg DD - 2008 Changes?

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Question: 
What changes were made to Regulation DD in 2008? My co-worker said there was an additional one besides the overdraft disclosures that are being required as of 01-01-2010. Is my co-worker correct?
Answer: 

Let me introduce you to a research tool that should be part of your compliance repertoire - namely the Federal Register search.Go here, where you'll be able to search through all of the Federal Register for key terms and find everything published on a particular regulation going back to 1994. Under the advanced search options, you can specify only certain years. I did a search on the term "12 CFR Part 230" (because that's the official designation of Reg DD) and searched on 2007, 2008, and 2009. I also designated only Final Rules should be shown in the results.

My results: A change published November 9, 2007, went into effect December 10, 2007, but has a mandatory compliance date of October 1, 2008. That change dealt with electronic communications under Reg DD, and was issued in conjunction with related changes to Regs B, E, M, and Z. Also a change published January 29, 2009, was the one you cited in your question, so really that wasn't a 2008 change at all. That final rule was subsequently corrected with a publication on April 17, 2009. It still retains the mandatory compliance date of 1/1/2010.

That's it for Reg DD changes that were final in 2007, 2008, and 2009. The ability to research the Federal Register online is one of the more powerful aspects of the Internet for compliance officers and one that all compliance officers should have in their arsenal of tools.

First published on BankersOnline.com 7/27/09

First published on 07/27/2009

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