What US Truth in Savings Act (12 USC ch 44): Deposit Account Rate and Fee Disclosure requires
The Truth in Savings Act (12 U.S.C. ch. 44) requires depository institutions to disclose the rates, fees and terms of deposit accounts in a uniform manner so that consumers can compare accounts, implemented by the Consumer Financial Protection Bureau through Regulation DD. Section 4301 sets the findings and purpose, which is to enable consumers to make meaningful comparisons through the uniform disclosure of interest rates, expressed as the annual percentage yield, and fees. Section 4302 requires disclosure, when an account is advertised or opened, of the annual percentage yield and the period it applies, the minimum balance and any time requirement to earn the advertised rate, any minimum opening deposit, and a clear statement that fees may reduce the yield and that penalties apply to early withdrawal; it also prohibits describing an account as free or no-cost if a maintenance or activity fee or a minimum balance requirement applies. Section 4305 governs advertising, requiring that advertised rates not be misleading. Section 4307 provides for civil liability for a violation, with actual and statutory damages and attorney fees, although the principal enforcement is administrative. The annual percentage yield is calculated by a prescribed method to ensure comparability. The Act is the legal foundation for US deposit account disclosure and fair comparison.
Pillar: Banking & Global Finance · Authority: US Congress / Consumer Financial Protection Bureau · Version: 1.0.0 · Last updated:
Primary source: https://www.govinfo.gov/content/pkg/USCODE-2022-title12/html/USCODE-2022-title12-chap44.htm
SHA-256 integrity: 6fa74de353c2e555fa483b2301d2c325b1f9c43026f79d41989053efdaf83b9a
Primary Citations — 8 traced to source
- Truth in Savings Act, 12 U.S.C. 4301 - findings and purpose.
- Truth in Savings Act, 12 U.S.C. 4302 - disclosure of interest rates and terms of accounts.
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