Federal Reserve Regulation D limits consumers to six transfers per month from their savings account to any other account. This regulation requires credit unions to devote valuable time and resources to monitoring members’ accounts. The fed reports that reserves exceed reserve requirements and Reg D and thus requirements have little effect on monetary policy. Congress should instruct GAO to study how Reg D affects consumers and the financial institutions and how/if modifying it would affect monetary policy.
Representatives Pittenger and Maloney dear colleague letter urging co-sponsorship of H.R. 3240
Letter in support of H.R. 3240, the “Regulation D Study Act”