Truth in Savings Act

[AI summary unavailable — showing source text] Truth in Savings Act - Declares that economic stability would be enhanced and competition among savings institutions improved by full disclosure of the terms and conditions under which earnings on savings deposits are payable. Declares that the purposes of this Act to be the meaningful disclosure of terms and conditions of the payment of earnings on individual savings deposits. Establishes a method to determine annual percentage rate, periodic percentage rate, and annual percentage yield. Confers on the Federal Reserve Board authority to issue appropriate regulations which provide for uniform disclosures and regulations as the Board determines are necessary. Establishes disclosure requirements to be applied to any individual at a time before he initially places funds in an individual savings deposit in a savings institution. Authorizes the Federal Reserve Board to establish additional disclosure requirements. Requires a savings institution to notify its depositors 10 days in advance of any change in policy or procedure with respect to any item of information required to be disclosed. Requires advertisements relating to the earnings payable on an individual savings deposit to state …