2.24 Regulation DD Processing in Oracle Banking Retail Accounts
This topic describes the processing of Regulation DD in Oracle Banking Retail Accounts.
Regulation DD (Truth in Savings Act) is to enable consumers to make informed decisions about their accounts at depository institutions using uniform disclosures.
Enhancements were made to ensure the all the required information as per the Regulation D is available in the System and the same can be pulled by any third-party Reporting Solution for generating reports.
List of the information available in the system as follows:
- Interest details: Fixed rates, Tiered rates, Compounding methods, and Liquidation frequency.
- Balances: Ledger Balance, Collected Balance, and Average Balance.
- Annual Percentage Yield (APY), and Annual Percentage Yield Earned (APYE)
- Minimum balance to open an account.
- Minimum daily balance to be maintained.
- Regulation D - Transaction thresholds
- Statements (in addition to the transaction details, contain the information with respect to the APYE, a separate section to reflect the consolidated fees applied on the account)
- Details with respect to penalty rates and penalty amounts applied on early redemption of Certificate of Deposits.
Note:
- Details with repect to prior notifications for identified life cycle events of Certificate of Deposits and grace period details for Certificate of Deposit renewal will be available when the feature is added in the certificate deposit product.
- Reports for Reg DD compliance are not provided from Oracle Banking Retail Accounts and these have to be generated form Bank’s reporting application.
Parent topic: Operations