Truth in Savings Act

Summary

Truth in Savings Act - Requires each advertisement, announcement, or solicitation made by any depository institution regarding the rate of interest payable on any deposit to: (1) state the annual percentage yield and the method of compounding interest; (2) state the annual rate of simple interest for the period during which such rate will be effective; and (3) give equal prominence to all annual percentage yields and annual rates of simple interest. Requires the annual percentage yield to always be stated before the annual rate of simple interest. Requires the Board of Governors of the Federal Reserve System to prescribe such regulations as necessary to carry out and facilitate compliance with the provisions of this Act and to prevent their evasion or circumvention.

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1 official file

• Introduced in House

  summary · EN · 22 March 1984

  Open at official source

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