Truth in Savings Act

E479388
United States federal law banking regulation consumer protection law

The Truth in Savings Act is a U.S. federal consumer protection law that requires financial institutions to clearly disclose the terms, fees, and interest rates of deposit accounts so consumers can compare savings products.

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Statements (46)

Predicate Object
instanceOf United States federal law ⓘ
banking regulation ⓘ
consumer protection law ⓘ
aimsTo enable consumers to compare deposit accounts ⓘ
prevent misleading disclosures about deposit accounts ⓘ
promote informed consumer decision-making ⓘ
appliesTo banks ⓘ
credit unions ⓘ
deposit accounts ⓘ
depository institutions ⓘ
savings associations ⓘ
country United States of America ⓘ
surface form: United States
covers certificate of deposit accounts ⓘ
checking accounts ⓘ
money market deposit accounts ⓘ
savings accounts ⓘ
time deposits ⓘ
enforcedBy Consumer Financial Protection Bureau NERFINISHED ⓘ
federal banking agencies ⓘ
hasEffect facilitates comparison shopping for deposit accounts ⓘ
improves transparency of savings products ⓘ
hasPurpose to ensure clear and uniform disclosure of deposit account terms ⓘ
implementedBy Regulation DD NERFINISHED ⓘ
jurisdiction United States of America ⓘ
surface form: United States
objective to standardize how deposit account yields are calculated and disclosed ⓘ
protects bank consumers ⓘ
credit union members ⓘ
regulates advertising of deposit accounts ⓘ
disclosure of fees on deposit accounts ⓘ
disclosure of interest rates on deposit accounts ⓘ
disclosure of terms for deposit accounts ⓘ
relatedTo Electronic Fund Transfer Act NERFINISHED ⓘ
Truth in Lending Act NERFINISHED ⓘ
requires clear disclosure of penalties for early withdrawal on time accounts ⓘ
disclosure of bonus terms on deposit accounts ⓘ
disclosure of compounding and crediting policies ⓘ
disclosure of fees that may reduce earnings ⓘ
disclosure of minimum balance requirements ⓘ
notice of changes in account terms in certain circumstances ⓘ
standardized disclosure of annual percentage yield ⓘ
standardized disclosure of interest rate ⓘ
sector financial services ⓘ
subjectOf Regulation DD disclosure rules ⓘ
typeOfDisclosure advertising disclosures ⓘ
periodic statement disclosures ⓘ
pre-account-opening disclosures ⓘ

Referenced by (3)

Full triples — surface form annotated when it differs from this entity's canonical label.

U.S. credit unions → consumerProtectionLawCoverage → Truth in Savings Act ⓘ
United States financial institutions → subjectTo → Truth in Savings Act ⓘ
Banking Code of the United States → includes → Truth in Savings Act ⓘ