If your institution utilizes a platform automation system for deposit account documentation and compliance, you are fortunate. Many of your compliance headaches are cured by that powerful automation technology. Don't assume, however, that the software will do it all.
Nothing substitutes for a thorough knowledge of the underlying laws and regulations.
In this segment of Weekly Training, we make it easy to master Truth in Savings and its implementing regulation, Reg DD . Here, in Part 1, we examine the foundation of the requirements, the important definitions. In this series of articles, we will examine each of those three areas, but first let's look at some background information on the law and the meaning of key terms. There are also certain prohibitions relating to advertisements of deposit accounts, as well as advertising content requirements. Of those twenty-two definitions, eighteen merit special attention in order to understand how to properly comply with the law.