Truth in Savings; Regulatory Amendments — 1994-10-19 [94-25706]

The Board is publishing amendments to Regulation DD (Truth in Savings) and the official staff commentary to implement recent changes made to the Truth in Savings Act by the Riegle Community Development and Regulatory Improvement Act of 1994. The law narrows the scope of accounts covered by the Truth in Savings Act to accounts held by individuals for a personal, family or household purpose. Accounts held by unincorporated nonbusiness associations of individuals are no longer subject to Truth in Savings requirements. The amendments to Regulation DD would merely implement this change by deleting references to ``unincorporated nonbusiness associations of individuals.'' The Board has made a finding that publishing a proposed amendment for comment is unnecessary and contrary to the public interest; therefore, the amendment is adopted in final form.