Leap Year Bites the Dust

It's now official. The FRB has withdrawn the proposal to provide guidance on leap year calculations. In short, there will be no change to Regulation DD. The agency has concluded that the level of technical guidance contained in the proposal is not necessary. Also withdrawn with this proposal are guidance on compounding and crediting policies, rounding, and definitions of time and bonuses.

Still pending in Congress are bills that would eradicate most of the Truth in Savings Act. As time progresses, the likelihood of passage diminishes. Although repeal is still possible, it would be wise to stay current on Regulation DD.

Copyright © 1996 Compliance Action. Originally appeared in Compliance Action, Vol. 1, No. 9, 6/96