Last Month's Q&A Answered

The following question appeared in the Q&A section of Banking Spectrum's Report Bulletin last month. Compare your answer to the correct answer below:

Q: We are offering a special CD that we shall advertise in the newspaper.  Must we advertise the rules for the renewals for this CD product?

A:  No.  See CFPB Regulation 1030.8.  When you review CFPB regulations, not only under Regulation DD, but the other regulations, you may see different language and new provisions that were not contained in the original Federal Reserve Board regulations prior to the transfer of regulatory jurisdiction for consumer regulation to the CFPB.  Do not assume that all the language in the former Federal Reserve Board regulations has been carried over to the CFPB regulations.