§4301 — Title 12 Banks and Banking | U.S. Code

Summary

Requires banks and similar places that hold deposits to give clear, consistent information about the interest rates they pay on deposit accounts and about the fees they charge on those accounts. Congress said doing this would help the economy, encourage fair competition among banks, and help consumers pick and check their accounts.

Title 12, §4301

Banks and Banking — Source: USLM XML via OLRC

(a)The Congress hereby finds that economic stability would be enhanced, competition between depository institutions would be improved, and the ability of the consumer to make informed decisions regarding deposit accounts, and to verify accounts, would be strengthened if there was uniformity in the disclosure of terms and conditions on which interest is paid and fees are assessed in connection with such accounts.

(b)It is the purpose of this chapter to require the clear and uniform disclosure of—

(1)the rates of interest which are payable on deposit accounts by depository institutions; and

(2)the fees that are assessable against deposit accounts,

Notes & Related Subsidiaries

Statutory Notes and Related Subsidiaries

Short Title

Pub. L. 102–242, title II, § 261, Dec. 19, 1991, 105 Stat. 2334, provided that: “This subtitle [subtitle F (§§ 261–274) of title II of Pub. L. 102–242, enacting this chapter] may be cited as the ‘Truth in Savings Act’.” SeparabilityIf any provision of Pub. L. 102–242 or any application of any provision thereof to any person or circumstance is held invalid, the remainder of Pub. L. 102–242 and the application of any remaining provision of such Act to any other person or circumstance not to be affected by such holding, see section 481 of Pub. L. 102–242, set out as a note under section 1811 of this title.

§4301 Findings and Purpose

Summary

Title 12, §4301

Notes & Related Subsidiaries

Statutory Notes and Related Subsidiaries

Short Title

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