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 ?
3608(c)); section 270(b) of the Truth in Savings Act (12 U.
8) Sections 261-274 of the Truth in Savings Act (12 U.
They can select from varied courses, including the Bank Secrecy Act, Regulation CC (check fraud prevention), The Fair Credit Reporting Act, Truth in Savings Act, The Real Estate Settlement Procedures ACT (RESPA), Teller Operations and Disaster Recovery.
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.
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.