Truth in Savings and Credit Card Applications Act

[AI summary unavailable — showing source text] Truth in Savings and Credit Card Applications Act - Title I: Truth in Savings - Requires each advertisement, announcement, or solicitation by a depository institution which refers to a specific interest rate, yield, or rate of earnings on amounts deposited in a demand or interest-bearing account to state the following information clearly and conspicuously: (1) the annual percentage yield and the period such yield is in effect; (2) all minimum initial deposit, minimum balance, and time requirements for earning such yield; (3) the annual rates of simple interest; (4) fees or other conditions that could reduce the yield; (5) any interest penalty for early withdrawal; and (6) the effective percentage yield on the maturity date of any account maturing in less than one year. Authorizes the Board of Governors of the Federal Reserve System to exempt from the disclosure of initial deposit requirements, rates of simple interest, or fees advertisements, announcements, or solicitations made by any broadcast or electronic medium or outdoor advertising displays not on the premises of a depository institution if any such disclosure would be unnecessarily burdensome. Prohibits any depository insti…