Maine’s Truth-in-Savings and Funds Availability Rule is getting an overhaul.
On August 6, 2014, Maine’s Bureau of Financial Institutions announced that changes to Chapter 118, Funds Availability and Truth-in-Savings had been finalized and will go into effect on September 1, 2014. The final rule repeals and replaces former Chapter 18 of the Bureau’s rules.
According to the Bureau, the primary purpose of the newly revised rule is to incorporate by reference:
- Regulation CC of the Federal Reserve Board regarding Funds Availability
- Regulation DD of the Consumer Financial Protection Bureau regarding Truth-in-Savings
- Part 707 governed by the National Credit Union Administration regarding Funds Availability and Truth-in-Savings.
According to Chapter 118, all of the provisions of these federal rules have been incorporated by reference into Maine regulation, with two exceptions: (1) the definition of “business day,” and (2) the respective enforcement and liability provisions, as described in the rule. The rule also includes model language regarding complaint resolution that should be included in the “schedule of account charges” or similar “literature” used to describe fees on an account.
The Superintendent’ Notice of the final rule is available here. According to the notice, no interested parties filed comments on the proposed rule.