Accuracy in Financial Services Advertising Act

Summary

Accuracy in Financial Services Advertising Act - Requires depository institutions to disclose to consumers all terms and conditions which apply to an interest-bearing account. Requires the Board of Governors of the Federal Reserve System to cite any depository institution which violates provisions of this Act. Directs such institutions to notify affected customers of the violation. Authorizes such customers to terminate the applicable account without penalty. Sets forth provisions for administrative enforcement of this Act. Directs the Board to: (1) publish model disclosure forms to assist consumers in understanding the terms and conditions of accounts; and (2) develop a uniform method for calculating annual percentage yields. Requires a report to Congress on such method. Requires the Board to prescribe regulations to carry out provisions of this Act. Directs the Securities and Exchange Commission to prescribe regulations to prohibit misleading or deceptive advertising of the rate of return on regulated securities. Declares that this Act preempts State laws to the extent such laws are inconsistent. Requires the Board to report annually, by June 1 of each year after 1985, to the President and Congress on compliance, enforcement, and recommendations with respect to provisions of this Act.

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1 official file

• Introduced in House

  summary · EN · 13 September 1984

  Open at official source

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