H.R.5232 - Truth in Savings Act98th Congress (1983-1984)
|Sponsor:||Rep. Lehman, Richard H. [D-CA-18] (Introduced 03/22/1984)|
|Committees:||House - Banking, Finance, and Urban Affrs|
|Latest Action:||House - 08/08/1984 Subcommittee Hearings Held. (All Actions)|
This bill has the status Introduced
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Summary: H.R.5232 — 98th Congress (1983-1984)All Information (Except Text)
Introduced in House (03/22/1984)
Truth in Savings Act - Requires each advertisement, announcement, or solicitation made by any depository institution regarding the rate of interest payable on any deposit to: (1) state the annual percentage yield and the method of compounding interest; (2) state the annual rate of simple interest for the period during which such rate will be effective; and (3) give equal prominence to all annual percentage yields and annual rates of simple interest.
Requires the annual percentage yield to always be stated before the annual rate of simple interest.
Requires the Board of Governors of the Federal Reserve System to prescribe such regulations as necessary to carry out and facilitate compliance with the provisions of this Act and to prevent their evasion or circumvention.