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• W102471599 abstract "New Fed study of the costs of the Truth-in-Savings Act indicates many banks were already complying with the spirit of it A not-so-funny thing happened somewhere between the birth of the noble-sounding notion that savers ought to be able to comparison shop and the approaching second anniversary of implementation of the Truth-in-Savings Act through Regulation DD: Banks paid a lot of money--$337 million--to accomplish something many had already been doing in intent, if not form. That's the overwhelming conclusion to be drawn from a recently released Federal Reserve staff paper based on the agency's survey of about 1,000 commercial banks responding to a questionnarie after implementing the regulation in 1993. The paper was written by-Gregory Elliehausen and Barbara R. Lowrey. The study differs from some earlier work on the cost of complying with federal banking regulations in that it was based on highly detailed queries. Banks were not only asked to provide the Fed with the costs of several aspects of compliance with Reg DD, but were also instructed in calculating their costs. This eliminates some of the guesstimating that characterizes some other studies. (The study also sampled about 400 savings institutions. Only the commercial bank results are reported here.) The staff study is broken into two main parts--a look at how extensively banks had to readjust their consumer-deposit-gathering efforts to comply with Reg DD and an in-depth look at how much it cost to comply. Interest calculation before Reg DD Many facets of the truth-in-savings law concern disclosures to customers and prospective customers, but a key nondisclosure item concerns the methods banks use to calculate interest on consumer Specifically, the law, which is part of the FDIC Improvement Act, barred financial institutions from using the investable method, which resulted in payment of interest solely on the portion of the consumer's balance that a bank could invest or lend after requirements were accounted for. The law required institutions to use their choice of two approved methods: one based on a daily balance or another based on average daily balances. Use of the investable-balance method was painted as an unfair, even heinous practice through the long history leading up to passage of the Truth-in-Savings Act. Indeed, to some legislators, this is what truth in savings was all about. However, the Fed staff study, which was adjusted to make results representative of all banks, found that an overwhelming majority of institutions used the two approved methods of calculating interest before the law was imposed. The study found that 87.4% of the industry used the approved methods for interest-bearing checking accounts; 89.1% used them for money-market-deposit accounts; 89.7% used them for statement savings; and 93% used them for passbook savings. Broadly, banks under $100 million in assets were most typically in line with the approved methods. Banks $100 million and above were more likely than smaller banks to use the investable-balance method for interest-bearing checking and money-market-deposit accounts, though no more than two out of ten did so. The study's authors note that the higher likelihood of the larger banks to use the investable-balance method isn't surprising, because reserve requirements increase to some extent with the size of the depository institution and were higher on interest-bearing checking accounts than on money market or savings accounts. Disclosures before Reg DD A frequent complaint from bankers about Reg DD is that it has produced volumes of paper that consumers don't want, and, frequently, don't read. Disclosures must not only be included in certain advertising, but also in account-opening documents, periodic account statements, and more. Actually, what Reg DD appears to have done is impose uniformity and conformity, rather than produce disclosure where no effort existed before. …" @default.
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• W102471599 date "1995-03-01" @default.
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• W102471599 title "Reg DD: An Unnecessary Regulation" @default.
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