The Board of Governors of the Federal Reserve System has agreed to continue, for three more years, the existing disclosure requirements related to the Consumer Financial Protection Bureau's Regulation DD, without making any changes. These requirements involve financial institutions providing specific account information, including fees and terms, to help consumers make informed decisions when comparing deposit accounts. Though the Board requested public comment on this extension, only one comment was received, which did not pertain to the matter at hand. The Board officially adopted this extension as initially proposed.
Simple Explanation
The Federal Reserve decided to keep some rules for three more years to make sure banks tell people important details about their accounts, like fees, so they can pick the best one. They asked for comments about this plan, but only got one comment that didn’t help, so they went ahead with their plan anyway.