On April 24, 2020, the Federal Reserve Board announced an interim final rule that amends Regulation D to delete the six-per-month limit on convenient transfers from the “savings deposit” definition. The rule was published in the Federal Register on April 28, 2020 and allows depository institutions to immediately suspend enforcement of the six transfer limit and to allow their customers to make an unlimited number of convenient transfers and withdrawals from their savings deposits at a time when financial events associated with the coronavirus pandemic have made such access more urgent. As justification for this change, the Fed explains that the Board’s recent action to reduce all reserve requirement ratios to zero has rendered this regulatory distinction unnecessary.
The interim final rule can be found here.