Skip to content
PoliticalRepoPoliticalRepo

United States · Bill · HR

H.R. 176 (100th)

Truth in Savings Act

openUnited States· United States Congress· EN

Introduced

6 January 1987

Last action

14 September 1988 · Committee

Status

Placed on Senate Legislative Calendar under General Orders. Calendar No. 938.

Sponsors

Rep. Lehman, Richard H. [D-CA-19], Rep. St Germain, Fernand J. [D-RI-1], Sen. Schumer, Charles E. [D-NY], Rep. Annunzio, Frank [D-IL-11], Rep. Hubbard, Carroll, Jr. [D-KY-1], Rep. Oakar, Mary Rose [D-OH-20], Rep. Vento, Bruce F. [D-MN-4], Rep. Garcia, Robert [D-NY-18], Rep. Roemer, Buddy [D-LA-4], Rep. Kaptur, Marcy [D-OH-9], Sen. Carper, Thomas R. [D-DE], Rep. Torres, Esteban Edward [D-CA-34], Rep. Kleczka, Gerald D. [D-WI-4], Rep. Flake, Floyd H. [D-NY-6], Rep. Mfume, Kweisi [D-MD-7], Rep. McKinney, Stewart B. [R-CT-4], Rep. McCollum, Bill [R-FL-8], Rep. Wortley, George C. [R-NY-27], Rep. Bereuter, Doug [R-NE-1], Rep. Atkins, Chester G. [D-MA-5], Rep. Berman, Howard L. [D-CA-28], Rep. Boggs, Corinne C. (Lindy) [D-LA-2], Rep. Boland, Edward P. [D-MA-2], Rep. Bosco, Douglas H. [D-CA-1], Sen. Boxer, Barbara [D-CA], Rep. Brown, George E., Jr. [D-CA-42], Rep. Bryant, John W. [D-TX-5], Rep. Byron, Beverly B. [D-MD-6], Rep. Collins, Cardiss [D-IL-7], Rep. Conte, Silvio O. [R-MA-1], Rep. Conyers, John, Jr. [D-MI-13], Del. de Lugo, Ron [D-VI-At Large], Rep. Dellums, Ronald V. [D-CA-9], Rep. Dixon, Julian C. [D-CA-32], Rep. Dyson, Roy [D-MD-1], Rep. Eckart, Dennis E. [D-OH-11], Rep. Evans, Lane [D-IL-17], Rep. Foglietta, Thomas M. [D-PA-1], Rescom. Fuster, Jamie B. [D-PR-At Large], Rep. Gallo, Dean A. [R-NJ-11], Rep. Guarini, Frank J. [D-NJ-14], Rep. Hawkins, Augustus F. [D-CA-29], Rep. Hayes, Charles A. [D-IL-1], Rep. Hefner, W. G. (Bill) [D-NC-8], Rep. Howard, James J. [D-NJ-3], Rep. Jones, Walter B. [D-NC-1], Rep. Kastenmeier, Robert W. [D-WI-2], Rep. Kostmayer, Peter H. [D-PA-8]

Subjects

Discovery layer

Source updated

14 January 2025

Official sourceView documentsShare

Summary

Truth in Savings Act - Requires each advertisement, announcement, or solicitation by a depository institution which refers to a specific interest rate, yield, or rate of earnings on amounts deposited in a demand or interest-bearing account to state the following information clearly and conspicuously: (1) the annual percentage yield and the period such yield is in effect; (2) all minimum initial deposit, minimum balance, and time requirements for earning such yield; (3) the annual rates of simple interest; (4) fees or other conditions that could reduce the yield; (5) any interest penalty for early withdrawal; and (6) the effective percentage yield on the maturity date of any account maturing in less than one year. Authorizes the Board of Governors of the Federal Reserve System to exempt advertisements, announcements, or solicitations made by any broadcast or electronic medium or outdoor advertising displays not on the premises of a depository institution, from the disclosure requirements relating to initial deposit requirements, rates of simple interest, or fees, if such disclosure would be unnecessarily burdensome. Prohibits any depository institution from advertising an account as a free or no-cost account if: (1) there are minimum balance or limited transaction requirements to avoid fees; or (2) there is any service fee, transaction fee, or similar charge imposed for such account. Prohibits any institution from making any advertisement, announcement, or solicitation that is inaccurate or misleading or that misrepresents its deposit contracts. Requires each depository institution to maintain a schedule, written in clear and plain language, of fees, charges, interest rates, and terms and conditions such as minimum balance and time requirements applicable to each class of accounts offered. Requires that such schedule be disclosed to potential customers and requesting individuals and mailed to account holders. Requires that account holders receive 30 days' advance notice of any change to be made in any term or condition required to be disclosed in the schedule if the change might reduce the yield or adversely affect any account holder. Directs the Board to require modified disclosure requirements concerning the annual yield on variable rate accounts, multiple rate accounts, guaranteed-rate accounts that mature in less than one year, and accounts for which the interest rate is not guaranteed. Directs the Board to provide for public notice and comment on, and to publish, model forms and clauses for common disclosures required by this Act. Provides for the enforcement of this Act and the civil liability of a depository institution that fails to comply with requirements of this Act. Sets forth limitations on such liability and factors to be considered by the court in determining class action awards. Provides that an institution may not be held liable for a violation if the institution demonstrates that the violation was not intentional and resulted from a bona fide error. Establishes U.S. district court jurisdiction and a one-year statute of limitations for actions brought under this Act. Directs the National Credit Union Administration to provide for the similar regulation of credit unions.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 6 January 1987

    Referred

    Referred to Subcommittee on Financial Institutions Supervision, Regulation and Insurance.

    Source: Committee

  2. 6 January 1987

    Introduced

    Referred to House Committee on Banking, Finance and Urban Affairs.

    Source: IntroReferral

  3. 6 January 1987

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 6 January 1987

    Introduced

    Introduced in House

    Source: IntroReferral

  5. 20 May 1987

    Committee

    Subcommittee Hearings Held.

    Source: Committee

  6. 10 June 1987

    Committee

    Forwarded by Subcommittee to Full Committee.

    Source: Committee

  7. 10 June 1987

    Committee

    Subcommittee Consideration and Mark-up Session Held.

    Source: Committee

  8. 18 June 1987

    Reported

    Ordered to be Reported (Amended).

    Source: Committee

  9. 18 June 1987

    Committee

    Committee Consideration and Mark-up Session Held.

    Source: Committee

  10. 29 June 1987

    Passed

    Passed House (Amended) by Voice Vote.

    Source: Floor

  11. 29 June 1987

    Passed

    Passed/agreed to in House: Passed House (Amended) by Voice Vote.

    Source: Floor

  12. 29 June 1987

    Floor

    Called up by House Under Suspension of Rules.

    Source: Floor

  13. 1 July 1987

    Introduced

    Received in the Senate and read twice and referred to the Committee on Banking.

    Source: IntroReferral

  14. 14 September 1988

    Calendars

    Placed on Senate Legislative Calendar under General Orders. Calendar No. 938.

    Source: Calendars

  15. 14 September 1988

    Discharge

    Senate Committee on Banking discharged by Unanimous Consent.

    Source: Discharge

  16. 14 September 1988

    Committee

    Senate Committee on Banking discharged by Unanimous Consent.

    Source: Committee

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

2 official files

Leesvertaling

Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

  • Passed House amended

    summary · EN · 29 June 1987

    Open at official source

  • Introduced in House

    summary · EN · 6 January 1987

    Open at official source

    Leesvertaling

    Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

    Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

Showing 48 of 106 sponsors and actors.

Related records

No cross-record relationships stored yet.

Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.