Truth in Savings Act

Truth in Savings Act
Citations

Other short titles	Federal Deposit Insurance Corporation Improvement Act of 1991 Foreign Bank Supervision Enhancement Act of 1991 Qualified Thrift Lender Reform Act of 1991
Long title	An Act to reform Federal deposit insurance, protect the deposit insurance funds, recapitalize the Bank Insurance Fund, improve supervision and regulation of insured depository institutions, and for other purposes.
Nicknames	Bank Enterprise Act of 1991
Enacted by	the 102nd United States Congress
Effective	December 19, 1991
Public law	102-242
Statutes at Large	105 Stat. 2236 aka 105 Stat. 2334
Codification
Titles amended	12 U.S.C.: Banks and Banking
U.S.C. sections created	12 U.S.C. ch. 44 § 4301
Legislative history
Introduced in the Senate as S. 543 by Donald W. Riegle, Jr. (D-MI) on March 5, 1991 Committee consideration by Senate Banking, Housing, and Urban Affairs Passed the Senate on November 21, 1991 (passed voice vote) Passed the House on November 23, 1991 (passed voice vote) Reported by the joint conference committee on November 27, 1991; agreed to by the House on November 27, 1991 (agreed voice vote) and by the Senate on November 27, 1991 (68–15) Signed into law by President George H.W. Bush on December 19, 1991

The Truth in Savings Act (TISA) is a United States federal law that was passed on December 19, 1991. It was part of the larger Federal Deposit Insurance Corporation Improvement Act of 1991 and is implemented by Regulation DD. It established uniformity in the disclosure of terms and conditions regarding interest and fees when giving out information on or opening a new savings account. On passing this law, the US Congress noted that it would help promote economic stability, competition between depository institutions, and allow the consumer to make informed decisions.

The Truth in Savings Act requires the clear and uniform disclosure of rates of interest (annual percentage yield or APY) and the fees that are associated with the account so that the consumer is able to make a meaningful comparison between potential accounts. For example, a customer opening a certificate of deposit account must be provided with information about ladder rates (smaller interest rates with smaller deposits) and penalty fees for early withdrawal of a portion or all of the funds.

The Act is only applicable to deposit accounts that are held by a "natural person" for personal, household, or family use. Accounts owned by businesses or organizations such as churches and neighborhood associations are not subject to these rules.

References

FDIC Law, Regulations, and Related Acts - text of the Act

Bank regulation in the United States

Federal authorities	Consumer Financial Protection Bureau Farm Credit Administration Federal Deposit Insurance Corporation Federal Financial Institutions Examination Council Federal Housing Finance Agency Federal Reserve Board of Governors Financial Stability Oversight Council National Credit Union Administration Office of the Comptroller of the Currency Office of Thrift Supervision

Major federal legislation	National Bank Act Federal Reserve Act Glass–Steagall Act Federal Credit Union Act Bank Holding Company Act Bank Secrecy Act Truth in Lending Act Fair Credit Reporting Act Home Mortgage Disclosure Act Community Reinvestment Act Electronic Fund Transfer Act Monetary Control Act Depository Institutions Act Truth in Savings Act Gramm–Leach–Bliley Act Fair and Accurate Credit Transactions Act Emergency Economic Stabilization Act Credit CARD Act

Federal Reserve Board regulations	Extensions of Credit by Federal Reserve Banks (Reg A) Equal Credit Opportunity (Reg B) Home Mortgage Disclosure (Reg C) Reserve Requirements for Depository Institutions (Reg D) Electronic Fund Transfer (Reg E) Limitations on Interbank Liabilities (Reg F) International Banking Operations (Reg K) Consumer Leasing (Reg M) Loans to Insiders (Reg O) Privacy of Consumer Financial Information (Reg P) Prohibition Against the Paying of Interest on Demand Deposits (Reg Q) Credit by Brokers and Dealers (Reg T) Credit by Banks and Persons Other Than Brokers or Dealers for the Purpose of Purchasing or Carrying Margin Stock (Reg U) Transactions Between Member Banks and Their Affiliates (Reg W) Borrowers of Securities Credit (Reg X) Truth in Lending (Reg Z) Unfair or Deceptive Acts or Practices (Reg AA) Community Reinvestment (Reg BB) Availability of Funds and Collection of Checks (Reg CC) Truth in Savings (Reg DD)

Types of bank charter	Credit union Federal savings association Federal savings bank National bank State bank

State authorities	California Colorado Florida Illinois Maryland Michigan New Jersey New York Ohio Oklahoma Oregon Pennsylvania Tennessee Virginia

Terms	Call report CAMELS rating system Thrift Financial Report

Other topics	Fair debt collection History of central banking in the United States Wildcat banking

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Truth in Savings Act

See also

References