HR 5232 98th Congress House Finance and Financial Sector Advertising and Marketing Bank deposits Consumer education Consumer protection Deceptive advertising Interest Interest rates

Truth in Savings Act

Introduced: March 22, 1984 See on congress.gov

Everywhere this bill has been 4 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Aug 8, 1984

Subcommittee Hearings Held.

Apr 3, 1984

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

Mar 22, 1984

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

Mar 22, 1984

Introduced in House

Plain-English summary Congressional Research Service

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.

What's happening now August 8, 1984

Subcommittee Hearings Held.

Committees of jurisdiction 2