HR 2282 99th Congress House Finance and Financial Sector Bank deposits Consumer education Consumer protection Fees Interest

Truth in Savings Act

Introduced: April 30, 1985 See on congress.gov

Everywhere this bill has been 7 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Aug 14, 1986

Forwarded by Subcommittee to Full Committee (Amended).

Aug 14, 1986

Subcommittee Consideration and Mark-up Session Held.

Jun 5, 1986

Subcommittee Hearings Held.

Jun 4, 1986

Subcommittee Hearings Held.

Apr 30, 1985

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

Apr 30, 1985

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

Apr 30, 1985

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 account to: (1) state the annual percentage yield and the method of compounding interest; (2) state the annual rate of simple interest and the period such interest is in effect; (3) state the frequency of interest payments; (4) give equal prominence to all annual percentage yields and annual rates of simple interest; and (5) include specified statements explaining how fees and penalties could affect the annual yield and how the yield on accounts which mature in less than one year is determined on the basis of compounding for an entire year. Requires the annual percentage yield to be stated before the annual rate of simple interest. Requires an institution to give a person a written summary of such information concerning an offered account upon request.

Requires each depository institution to maintain a written schedule of all fees, charges, and terms and conditions applicable to each type of account and service routinely offered. Requires that such schedule be disclosed to potential customers and requesting individuals and mailed to account holders.

Directs the Board of Governors of the Federal Reserve System to prescribe: (1) uniform terminology to be used by depository institutions to describe interest rates and other terms affecting account earnings; and (2) uniform methods of calculating annual rates of simple interest and annual percentage yields.

Provides for the enforcement of this Act.

What's happening now August 14, 1986

Forwarded by Subcommittee to Full Committee (Amended).

Committees of jurisdiction 2