Regulation Q was Title 12, part 217 of the United States Code of Federal Regulations. From 1933 until 2011 it prohibited banks from paying interest on demand deposits in accordance with Section 11 of the Glass–Steagall Act (formally the Banking Act of 1933). From 1933 until 1986 it also imposed maximum rates of interest on various other types of bank deposits, such as savings accounts and NOW accounts. Regulation Q no longer exists; all aspects of the regulation, such as the type of entities that may own or maintain interest-bearing NOW accounts, have now been incorporated into Regulation D.
Read more about Regulation Q: History
Famous quotes containing the word regulation:
“Nothing changes my twenty-six years in the military. I continue to love it and everything it stands for and everything I was able to accomplish in it. To put up a wall against the military because of one regulation would be doing the same thing that the regulation does in terms of negating people.”
—Margarethe Cammermeyer (b. 1942)