(a)
Authority. This part, known as Regulation DD, is issued by the Bureau of Consumer
Financial Protection to implement the Truth in Savings Act of 1991
† (the act), contained in the Federal
Deposit Insurance Corporation Improvement Act of 1991 (12 U.S.C. 3201
et seq., Public Law 102-242, 105 Stat. 2236), as amended by Title
X, section 1100B of the Dodd-Frank Wall Street Reform and Consumer
Protection Act (Pub. L. 111-203, 124 Stat. 1376). Information-collection
requirements contained in this part have been approved by the Office
of Management and Budget under the provisions of 44 U.S.C. 3501
et seq. and have been assigned OMB No. 3170-0004.
(b) Purpose. The purpose of this part is to
enable consumers to make informed decisions about accounts at depository
institutions. This part requires depository institutions to provide
disclosures so that consumers can make meaningful comparisons among
depository institutions.
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(c) Coverage. This part applies to depository institutions except
for credit unions. In addition, the advertising rules in section 1030.8
of this part apply to any person who advertises an account offered
by a depository institution, including deposit brokers.
(d) Effect on state laws. State law
requirements that are inconsistent with the requirements of the act
and this part are preempted to the extent of the inconsistency. Additional
information on inconsistent state laws and the procedures for requesting
a preemption determination from the Bureau are set forth in Appendix
C of this part.
(e) Relationship
to Regulation CC. The Director of the Bureau and the Board of
Governors of the Federal Reserve System jointly issue regulations
under sections 603(d)(1), 604, 605, and 609(a) of the Expedited Funds
Availability Act (12 U.S.C. 4002(d)(1), 4003, 4004, 4008(a)) that
are codified within Regulation CC (12 CFR part 229).
