Rule and regulations are executed in a banking system to restrain the banking authority from harassing the consumers by taking the advantages of their situation. These rules are designed to make them aware of their responsibilities as well as from cheating bank authorities by providing them false documents. Thus these rules and regulations are here to carry the overall process and transaction without any obstacles. Apart from above mentioned regulations there are few still left that will make the consumers more aware about their rights.
Regulation AA –Under this regulation consumers or clients can forward their complaints procedures. The deceptive acts of banking authorities while providing credits to consumers, they can harass them in various ways. Thus to protect this unfair acts of banking authorities, regulation AA is the only option to avail. This act prohibits or restricts certain practices, such as taking a non-purchase money security interest in household goods.
Regulation BB – This regulation deals with the Community reinvestment act.
Regulation CC –this regulation deal with the duty of banks. The duties of the bank comprised of making funds deposited into accounts available for withdrawal. Other duties are to make available schedules accompanied with rules regarding exceptions to the schedules or disclosure of funds availability policies, liability and payment of interest.
Regulation DD – this regulation deals with the authenticity of the information related with Savings Account. Under this act banks have to inform consumers about deposit accounts at depository institutions. Depository’s institutions are liable to give information about the disclosures, because this will enable the consumers to make meaningful comparisons among depository institutions.
Regulation EE –This regulation is the extension of the FDIC Improvement Act of 1991. Under this act consumers get the information about the net amount they can avail. In fact this Act performs as guideline to the consumers that whether they agree to pay or receive the net, not the gross, payment due.