Claims are already being made that the recent cuts in CD rates were related to the new regulation that took effect on July 1st which made it more difficult for banks to charge overdraft fees.
The claims come from a report by Market Rates Insight. Here's an excerpt from Bankrate's article
on this report
A recent analysis from Market Rates Insight reported that in the first week after Regulation E took effect on July 1, the national average rate for deposits dropped 0.06 percent.
This might also be a reason we've seen several reward checking rate cuts. I would think this would be more susceptible to rate cuts than CDs.