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United States · Bill · HR

H.R. 736 (101st)

Truth in Savings Act

referredUnited States· United States Congress· EN

Introduced

31 January 1989

Last action

27 October 1990 · Introduced

Status

Read twice and referred to the Committee on Banking.

Sponsors

Rep. Lehman, Richard H. [D-CA-19], Rep. Gonzalez, Henry B. [D-TX-20], Rep. Annunzio, Frank [D-IL-11], Del. Fauntroy, Walter E. [D-DC-At Large], Rep. Hubbard, Carroll, Jr. [D-KY-1], Rep. LaFalce, John J. [D-NY-29], Rep. Oakar, Mary Rose [D-OH-20], Rep. Vento, Bruce F. [D-MN-4], Rep. Garcia, Robert [D-NY-18], Sen. Schumer, Charles E. [D-NY], Rep. Morrison, Bruce A. [D-CT-3], 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], Sen. Nelson, Bill [D-FL], Rep. Kanjorski, Paul E. [D-PA-11], Rep. Kennedy, Joseph P., II [D-MA-8], Rep. Flake, Floyd H. [D-NY-6], Rep. Mfume, Kweisi [D-MD-7], Rep. Price, David E. [D-NC-4], Rep. Neal, Richard E. [D-MA-1], Rep. Coelho, Anthony Lee [D-CA-15], Rep. Edwards, Don [D-CA-10], Rep. Hawkins, Augustus F. [D-CA-29], Rep. Roybal, Edward R. [D-CA-25], Rep. Dellums, Ronald V. [D-CA-9], Rep. Stark, Fortney Pete [D-CA-13], Rep. Miller, George [D-CA-11], Rep. Mineta, Norman Y. [D-CA-15], Rep. Waxman, Henry A. [D-CA-33], Rep. Panetta, Leon [D-CA-16], Rep. Matsui, Robert T. [D-CA-5], Rep. Martinez, Matthew G. [D-CA-31], Rep. Bates, Jim [D-CA-44], Rep. Bosco, Douglas H. [D-CA-1], Sen. Boxer, Barbara [D-CA], Rep. Ackerman, Gary L. [D-NY-5], Rep. Atkins, Chester G. [D-MA-5], Rep. Boggs, Corinne C. (Lindy) [D-LA-2], Rep. Bryant, John W. [D-TX-5], Rep. Collins, Cardiss [D-IL-7], Rep. Conyers, John, Jr. [D-MI-13], Rep. Costello, Jerry F. [D-IL-12], Del. de Lugo, Ron [D-VI-At Large], Rep. Donnelly, Brian J. [D-MA-11], Sen. Durbin, Richard J. [D-IL], Rep. Dwyer, Bernard J. [D-NJ-6]

Subjects

Discovery layer

Source updated

14 January 2025

Official sourceDownload fileView 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. 31 January 1989

    Introduced

    Introduced in House

    Source: IntroReferral

  2. 31 January 1989

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 31 January 1989

    Introduced

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

    Source: IntroReferral

  4. 15 February 1989

    Referred

    Referred to the Subcommittee on Consumer Affairs and Coinage.

    Source: Committee

  5. 16 May 1989

    Committee

    Subcommittee Hearings Held.

    Source: Committee

  6. 17 May 1989

    Committee

    Subcommittee Consideration and Mark-up Session Held.

    Source: Committee

  7. 17 May 1989

    Committee

    Forwarded by Subcommittee to Full Committee (Amended).

    Source: Committee

  8. 22 October 1990

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: Floor

  9. 22 October 1990

    Passed

    On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.

    Source: Floor

  10. 22 October 1990

    Passed

    Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.

    Source: Floor

  11. 22 October 1990

    Floor

    DEBATE - The House proceeded with forty minutes of debate.

    Source: Floor

  12. 22 October 1990

    Passed

    On ordering a second Agreed to without objection.

    Source: Floor

  13. 22 October 1990

    Floor

    Considered under suspension of the rules.

    Source: Floor

  14. 22 October 1990

    Floor

    Mr. Hiler demanded a second on the motion to suspend the rules.

    Source: Floor

  15. 22 October 1990

    Floor

    Mr. Lehman (CA) moved to suspend the rules and pass the bill, as amended.

    Source: Floor

  16. 23 October 1990

    Introduced

    Received in the Senate.

    Source: IntroReferral

  17. 27 October 1990

    Introduced

    Read twice and referred to the Committee on Banking.

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

5 official files

Referred in Senate (text)

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  • Referred in Senate (text)

    Referred in Senate · EN

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  • Introduced in House (text)

    Introduced in House · EN

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  • Engrossed in House (text)

    Engrossed in House · EN

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  • Passed House amended

    summary · EN · 22 October 1990

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  • Introduced in House

    summary · EN · 31 January 1989

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Sponsors

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Related records

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Sources

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