Truth in Savings Act

Truth in Savings Act
A federal law that requires financial institutions to disclose specific information about the terms and costs of interest-earning accounts—such as annual percentage yield (APY)—and certain other financial services.

These laws include the Truth in Lending Act, the Truth in Savings Act, the Fair Credit Reporting Act, the Real Estate Settlement Procedures Act, the Expedited Funds Availability Act, and various privacy protections, to name just a few.

Federal Reserve regulation implementing the truth in savings act
Referring Terms:
federal reserve regulations ...

Regulation DD was enacted to implement the Truth in Savings Act that was passed in 1991. This act requires lenders to provide certain uniform information about fees and interest when opening an account for a customer.

See also: Saving, Credit union, Career, Administration, Acquisitions