View source for Truth in Savings Act

{{Short description|Act passed by the U.S. Congress in 1991}}
{{Infobox U.S. legislation
| shorttitle        = Truth in Savings Act
| othershorttitles  = {{unbulleted list|Federal Deposit Insurance Corporation Improvement Act of 1991|Foreign Bank Supervision Enhancement Act of 1991|Qualified Thrift Lender Reform Act of 1991}}
| longtitle         = 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.
| colloquialacronym =
| nickname          = Bank Enterprise Act of 1991
| enacted by        = 102nd
| effective date    = December 19, 1991
| public law url    = http://www.gpo.gov/fdsys/pkg/STATUTE-105/pdf/STATUTE-105-Pg2236.pdf
| cite public law   = 102-242
| cite statutes at large = {{usstat|105|2236}} ''aka'' 105 Stat. 2334
| acts amended    =
| acts repealed   =
| title amended   = [[Title 12 of the United States Code|12 U.S.C.: Banks and Banking]]
| sections created = {{Usc-title-chap|12|44}} § 4301
| sections amended =
| leghisturl      = http://thomas.loc.gov/cgi-bin/bdquery/z?d102:SN00543:@@@R
| introducedin    = Senate
| introducedbill  = {{USBill|102|S.|543}}
| introducedby    = [[Donald W. Riegle, Jr.]] ([[Democratic Party (United States)|D]]-[[Michigan|MI]])
| introduceddate  = March 5, 1991
| committees      = [[United States Senate Committee on Banking, Housing, and Urban Affairs|Senate Banking, Housing, and Urban Affairs]]
| passedbody1     = Senate
| passeddate1     = November 21, 1991
| passedvote1     = passed voice vote
| passedbody2     = House
| passedas2       = <!-- used if the second body changes the name of the legislation -->
| passeddate2     = November 23, 1991
| passedvote2     = passed voice vote
| conferencedate  = November 27, 1991
| passedbody3     = House
| passeddate3     = November 27, 1991
| passedvote3     = agreed voice vote
| agreedbody3     = <!-- used when the other body agrees without going into committee -->
| agreeddate3     = <!-- used when the other body agrees without going into committee -->
| agreedvote3     = <!-- used when the other body agrees without going into committee -->
| agreedbody4     = <!-- used if agreedbody3 further amends legislation -->
| agreeddate4     = <!-- used if agreedbody3 further amends legislation -->
| agreedvote4     = <!-- used if agreedbody3 further amends legislation -->
| passedbody4     = Senate
| passeddate4     = November 27, 1991
| passedvote4     = [http://www.govtrack.us/congress/votes/102-1991/s279 68–15]
| signedpresident = [[George H. W. Bush]]
| signeddate      = December 19, 1991
| unsignedpresident = <!-- used when passed without presidential signing -->
| unsigneddate    = <!-- used when passed without presidential signing -->
| vetoedpresident = <!-- used when passed by overriding presidential veto -->
| vetoeddate      = <!-- used when passed by overriding presidential veto -->
| overriddenbody1 = <!-- used when passed by overriding presidential veto -->
| overriddendate1 = <!-- used when passed by overriding presidential veto -->
| overriddenvote1 = <!-- used when passed by overriding presidential veto -->
| overriddenbody2 = <!-- used when passed by overriding presidential veto -->
| overriddendate2 = <!-- used when passed by overriding presidential veto -->
| overriddenvote2 = <!-- used when passed by overriding presidential veto -->
| amendments      =
| SCOTUS cases    =
}}
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 [[United States Congress|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 [[neighbourhood|neighborhood associations]] are not subject to these rules.

== See also ==
* [[Truth in Lending Act]]

== References ==
* [http://www.fdic.gov/regulations/laws/rules/6500-3400.html FDIC Law, Regulations, and Related Acts] - text of the Act

== External links ==
* [https://www.govinfo.gov/content/pkg/COMPS-10658/uslm/COMPS-10658.xml Federal Deposit Insurance Corporation Improvement Act of 1991] as amended ([https://www.govinfo.gov/content/pkg/COMPS-10658/pdf/COMPS-10658.pdf PDF]/[https://www.govinfo.gov/app/details/COMPS-10658/ details]) in the [[United States Government Publishing Office|GPO]] [https://www.govinfo.gov/help/comps Statute Compilations collection]

{{Presidency of George H. W. Bush}}
{{Bank regulation in the United States}}

[[Category:102nd United States Congress]]
[[Category:1991 in American law]]
[[Category:United States federal banking legislation]]
[[Category:Federal Deposit Insurance Corporation]]
[[Category:Savings and loan crisis]]
[[Category:1991 in American politics]]
[[Category:1991 in economic history]]