Truth in All Savings Vehicles Act

Summary

Truth in All Savings Vehicles Act - Declares that a depository institution may only make references to annual percentage yields when making statements or initiating solicitations regarding accounts (thus proscribing references to specific yields or rates of interest). Mandates that annual percentage yield statements include specified disclosures in a clear and conspicuous manner. Authorizes the Federal Depository Institutions Regulatory Agency (the Agency) to exempt advertisements, announcements, or solicitations made by any broadcast or electronic medium or advertising displays (whether or not on depository institution premises) from such requirements if the disclosures would be unnecessarily burdensome. Prohibits specified misleading or inaccurate descriptions of no-cost accounts or 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 Agency 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. Mandates specified conspicuous disclosures on customers' periodic statements. Prescribes payment-of-interest guidelines. Directs the Agency 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 similar regulation of credit unions. Amends the Investment Company Act of 1940 to direct the Securities and Exchange Commission and the Board of Governors of the Federal Reserve System to review specified statutory disclosure requirements to assure that they are providing consumers the ability to effectively compare savings and investments options. Requires the Agency to promulgate final implementing regulations within a specified deadline.

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

Timeline

1. 18 June 1991

   Introduced

   Referred to the House Committee on Banking, Finance + Urban Affrs.

   Source: IntroReferral

2. 18 June 1991

   Introduced

   Introduced in House

   Source: IntroReferral

3. 18 June 1991

   Introduced

   Introduced in House

   Source: IntroReferral

4. 1 July 1991

   Referred

   Referred to the Subcommittee on Consumer Affairs and Coinage.

   Source: Committee

5. 15 July 1991

   Referred

   Referred to the Subcommittee on Telecommunications and Finance.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · undated · Official file

Documents

2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 18 June 1991

  Open at official source

Sponsors

• Rep. Slattery, Jim [D-KS-2] · D · Sponsor
• · hsif00 · Standing
• · hsba00 · Standing

Related records

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