Guidelines For Advertising Money Market Accounts And Certificates Of Deposit - Q4 1998

By the Division of Banks

Regulatory Bulletin 2.3-105 contains advertising guidelines for money market accounts and certificates of deposit. The original Bulletin was derived from a voluntary set of guidelines agreed to by industry trade groups. The Division added this Bulletin to the revised set of Regulatory Bulletins and did not repeal it because it represented a voluntary agreement by others. Reg. Bull. 2.3-105 was updated to reflect the existence of Regulation DD, and the Division promulgated 209 CMR 4.04 to affirm that compliance with Regulation DD is deemed compliance with the Commonwealth's Truth-in-Savings statutes. Statutory construction dictates that statutes are preferred over regulations, while regulations have more weight than regulatory bulletins on the same or similar subject matter. As such, it is the Division's position that Regulation DD, through cross-reference by 209 CMR 4.04, would prevail over the provisions of Reg. Bull. 2.3-105.