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Course description

Reg DD:  Truth in Savings Act

This law is all about describing deposit accounts in a truthful way, both in advertising and before account-opening, so that customers may make informed decisions.  Later, once an account is open, periodic statements must describe what has happened in the account fully and truthfully, so that customers can understand what is happening with their accounts and know that they are getting what they signed up for.  If a change happens, full disclosure must be made too!

Reg DD is firmly a consumer-protection regulation.

There are specific descriptions that must be provided, from the Annual Percentage Yield (APY), to fees and penalties, to any other feature that an account may have.  

At any time, if a financial institution doesn’t truthfully describe what can, will, or has happened, consumer harm can occur.  We don’t want that.  Not only is it bad for business, but it carries regulatory consequences!

Congress never could have imagined the changes to technology (online banking) or society (social media) and the impact they would have on banking.  The rules still remain, whether an account is being advertised on an old-fashioned rate board or a tweet.  Do you know how to get it all right?

Reg D: The Federal Reserve Act

This law is all about setting aside appropriate reserves in case there is a run on the bank.  If there is a panic, and masses of people flood the institution to take their money out, your institution must have enough liquid funds to service those demands.  (Aha!  That’s where the name “demand deposit account”, or “DDA” came from!)  Financial institutions are not allowed to invest or lend out 100% of the money they have on deposit.  No, there are particular rules that require different types of deposits be held in reserve and just sit there.

Reg D is firmly a Safety and Soundness regulation.

Even though it is not a consumer protection regulation, there are components that require the understanding and attention of a compliance officer.  There are eligibility requirements and both mandatory and optional withdrawal limitations.  Do you know how to get it all right?

To stay on the right side of both Reg DD and Reg D, you need to know all the requirements for the entire life cycle of a deposit account.  This includes:

  • Required advertising disclosures
    1. Triggering terms
    2. What can (and cannot) be different for ads in different mediums, including online advertising
  • 100% understanding (and calculation!) of the APY
  • General disclosure requirements
    1. Who must get them
    2. When they must be provided
  • Account opening disclosure requirements
    1. Deposit accounts
    2. Time accounts
  • Eligibility requirements
  • Withdrawal limitations
  • Special disclosures for overdraft services
  • Change in Terms disclosure requirements
  • Periodic Statement requirements
  • Record retention
  • UDAP traps


If you touch deposit compliance in any way, either as a compliance officer, an operations officer, or in customer service, this is crucial information to know and understand.  I’ve been on the front lines of compliance for 25+ years, and I’ve lived these things.  I’ve implemented and been repeatedly examined on these laws and have the perspective and insight to share!


This two-hour session will give you the practical knowledge to confidently understand all of the “Whys” listed above.  Content will be presented in a clear and descriptive manner, complete with regulatory citations to give you the authority to act with confidence and clout!



Rebekah Leonard

Rebekah is the owner of Elucidate LLC, a compliance training and consulting company. Elucidate means to "make clear, explain, throw light upon", and describes Rebekah's desire to illuminate the complexities of compliance with passion and fun. She's created and produced a TRID music video parody and several Compliance Breakout escape rooms, which she frequently provides at state banking compliance conferences. She is an accomplished speaker and regularly provides webinars through BOL and Compliance Resource. Rebekah is currently serving as the VP Director of Compliance for a $6 Billion community bank in Montana. She began her career in 1995 at a private lending company, but soon settled into banking, where she's covered nearly all of it - customer service and teller work, loan processing and review, and security and business continuity. She now oversees CRA, BSA and all aspects of compliance as a senior leader. She has successfully navigated numerous FDIC Compliance, CRA, and BSA Exams. Rebekah has a bachelor's degree in Organizational Leadership from Chapman University (Magna cum Laude), attended the American Bankers Association National Compliance School in 2003, and has held her Certified Regulatory Compliance Manager designation since 2006.

Course curriculum

  • 1


    • Access Webinar

  • 2


    • Slides

    • Questions and Answers