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United States · Bill · HR

H.R. 2282 (99th)

Truth in Savings Act

openUnited States· United States Congress· EN

Introduced

30 April 1985

Last action

14 August 1986 · Committee

Status

Forwarded by Subcommittee to Full Committee (Amended).

Sponsors

Rep. Lehman, Richard H. [D-CA-19], Rep. St Germain, Fernand J. [D-RI-1], Rep. Gonzalez, Henry B. [D-TX-20], Rep. Annunzio, Frank [D-IL-11], Rep. Mitchell, Parren J. [D-MD-7], Del. Fauntroy, Walter E. [D-DC-At Large], Rep. Neal, Stephen L. [D-NC-5], Rep. LaFalce, John J. [D-NY-29], Rep. Lundine, Stanley N. [D-NY-34], 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. Cooper, Jim [D-TN-5], Rep. Kaptur, Marcy [D-OH-9], Rep. Torres, Esteban Edward [D-CA-34], Rep. Manton, Thomas J. [D-NY-7], Rescom. Fuster, Jamie B. [D-PR-At Large], Rep. Wortley, George C. [R-NY-27], Rep. McKinney, Stewart B. [R-CT-4], Rep. Ackerman, Gary L. [D-NY-5], Rep. Bates, Jim [D-CA-44], Sen. Boxer, Barbara [D-CA], Rep. Berman, Howard L. [D-CA-28], Rep. Bonior, David E. [D-MI-10], Rep. Bryant, John W. [D-TX-5], Rep. Brown, George E., Jr. [D-CA-42], Rep. Burton, Sala [D-CA-5], Rep. Byron, Beverly B. [D-MD-6], Rep. Conte, Silvio O. [R-MA-1], Rep. Conyers, John, Jr. [D-MI-13], Rep. Coelho, Anthony Lee [D-CA-15], Del. de Lugo, Ron [D-VI-At Large], Rep. Dymally, Mervyn M. [D-CA-31], Rep. Dixon, Julian C. [D-CA-32], Rep. Downey, Thomas J. [D-NY-2], Sen. Durbin, Richard J. [D-IL], Rep. Dwyer, Bernard J. [D-NJ-6], Rep. Collins, Cardiss [D-IL-7], Rep. Dellums, Ronald V. [D-CA-9], Rep. Edwards, Don [D-CA-10], Rep. Foglietta, Thomas M. [D-PA-1], Rep. Fazio, Vic [D-CA-3], Rep. Frost, Martin [D-TX-24], Rep. Guarini, Frank J. [D-NJ-14], Rep. Hawkins, Augustus F. [D-CA-29], Rep. Hayes, Charles A. [D-IL-1], Rep. Heftel, Cecil [D-HI-1]

Subjects

Discovery layer

Source updated

29 August 2025

Official sourceView documentsShare

Summary

Truth in Savings Act - Requires each advertisement, announcement, or solicitation made by any depository institution regarding the rate of interest payable on any account to: (1) state the annual percentage yield and the method of compounding interest; (2) state the annual rate of simple interest and the period such interest is in effect; (3) state the frequency of interest payments; (4) give equal prominence to all annual percentage yields and annual rates of simple interest; and (5) include specified statements explaining how fees and penalties could affect the annual yield and how the yield on accounts which mature in less than one year is determined on the basis of compounding for an entire year. Requires the annual percentage yield to be stated before the annual rate of simple interest. Requires an institution to give a person a written summary of such information concerning an offered account upon request. Requires each depository institution to maintain a written schedule of all fees, charges, and terms and conditions applicable to each type of account and service routinely offered. Requires that such schedule be disclosed to potential customers and requesting individuals and mailed to account holders. Directs the Board of Governors of the Federal Reserve System to prescribe: (1) uniform terminology to be used by depository institutions to describe interest rates and other terms affecting account earnings; and (2) uniform methods of calculating annual rates of simple interest and annual percentage yields. Provides for the enforcement of this Act.

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

Timeline

  1. 30 April 1985

    Referred

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

    Source: Committee

  2. 30 April 1985

    Introduced

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

    Source: IntroReferral

  3. 30 April 1985

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 30 April 1985

    Introduced

    Introduced in House

    Source: IntroReferral

  5. 4 June 1986

    Committee

    Subcommittee Hearings Held.

    Source: Committee

  6. 5 June 1986

    Committee

    Subcommittee Hearings Held.

    Source: Committee

  7. 14 August 1986

    Committee

    Forwarded by Subcommittee to Full Committee (Amended).

    Source: Committee

  8. 14 August 1986

    Committee

    Subcommittee Consideration and Mark-up Session Held.

    Source: Committee

Votes

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Versions

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Documents

1 official file

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Sponsors

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Related records

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Sources

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