Truth-in-Savings Act

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Truth-in-Savings Act

Legislation in the United States, passed in 1991, that requires banks to disclose interest (in APY terms), fees and other information when one seeks to open a savings account. It is enforced through Regulation DD.
References in periodicals archive ?
One online course is entitled, "Recognizing and Preventing UDAAP." Other topics included in the compliance curriculum for marketers are: Americans with Disabilities Act, Community Reinvestment Act (Reg BB), Equal Credit Opportunity Act (Reg B), Fair Credit Reporting Act (FCRA), Fair Housing Act, Fair Lending, FDIC Insurance Coverage, Reg Z Advertising, Reg Z Overview, Truth in Savings Act (Reg DD).
First task was bringing the credit union into compliance with the Truth in Savings Act as the mandatory compliance date was only seven months away.
The Federal Reserve has authority to examine nonbank subsidiaries for compliance with the Truth in Lending Act, the Equal Credit Opportunity Act, the Home Ownership and Equity Protection Act, the Fair Credit Billing Act, the Consumer Leasing Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Home Mortgage Disclosure Act, the Truth in Savings Act, any rules promulgated pursuant to the Federal Trade Commission Act, and the Real Estate Settlement Procedures Act.
The Federal Reserve Board published on May 19, 2005, final amendments to Regulation DD (Truth in Savings), which implements the Truth in Savings Act, and the regulation's official staff commentary to improve the uniformity and adequacy of information provided to consumers when they overdraw their deposit accounts.
The Federal Reserve Board on May 28, 2004, published proposed amendments to Regulation DD (Truth in Savings), which implements the Truth in Savings Act, and the regulation's official staff commentary to address concerns about the uniformity and adequacy of information provided to consumers when they overdraw their accounts.
3608(c)); section 270(b) of the Truth in Savings Act (12 U.S.C.
(8) Sections 261-274 of the Truth in Savings Act (12 U.S.C.
The revisions to Regulation DD implement minor changes to the Truth in Savings Act concerning lobby signs and certain disclosures for automatically renewable time accounts, such as certificates of deposit.
Part 230, its Regulation DD, which implements the Truth in Savings Act. The final rule implements amendments to the Truth in Savings Act enacted as part of the Economic Growth and Regulatory Paperwork Reduction Act of 1996.
The Truth in Savings Act mandates that financial institutions disclose certain information about the terms of consumer deposit accounts in specific forms and at specific times.
Third, the entire Board believes that the Truth in Savings Act could be amended to make compliance less onerous but is divided on the merits of the approach taken in section 141 of the bill.
I might also add that regardless of their societal benefits, one cannot help but be impressed with the frequency and intensity of complaints by banks of all sizes about the heavy burden of paperwork costs for the Community Reinvestment Act--and those that will be involved in impending requirements of the Truth in Savings Act. I have just returned from hearings in several cities around the country and was particularly impressed with the intensity of bankers' concerns about the burden of these requirements-- requirements that they note are not imposed on their nondepository rivals.