The COVID Project
The record
- Jurisdiction
- United States; Board of Governors of the Federal Reserve System (federal)
- Level
- Federal
- Authority
- 12 U.S.C. § 461(b)
- Issued
- 2020-04-24 Apr. 24, 2020
- Effective
- 2020-04-24
- End
- Permanent (the six-transfer limit was deleted; the Board's 2020 FAQs suspended enforcement of the limit) (read as 2021-09-30)
- In force
- Apr. 24, 2020 to Sept. 30, 2021
- Quarters
- 2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
- Limitation types
- Other
- Addressees
- all depository institutions offering savings deposits
- Functions reached
- BR branches (customers could move funds without visiting a branch)
- AT
- CC contact center
- OP deposit operations and disclosures
- CB depositors under stay-home orders
- Collection
- Federal financial regulators AGY-FED-FINANCIAL
Operative words
DATES: Effective date: This rule is effective on April 24, 2020.... [The Board amends the 'savings deposit' definition to delete] the six-per-month limit on convenient transfers [and] suspends enforcement of the six transfer limit.
Enforcement
12 U.S.C. § 461; 12 C.F.R. part 204; call-report classification
Notes
The Board acted so that depositors confined by stay-home orders could access savings by convenient transfer; every depository institution changed its account terms, systems and disclosures
Retrieval noteBoard press release of April 24, 2020 (bcreg20200424a) describes the rule; Federal Register PDF read.