Truth In Savings Act

Truth in Savings (Regulation DD) (US Consumer Financial Protection Bureau Regulation) (CFPB) (2018 Edition) The Law Library presents the complete text of the Truth in Savings (Regulation DD) (US Consumer Financial Protection Bureau Regulation) (CFPB) (2018 Edition). Updated as of May 29, 2018 Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) transferred rulemaking authority for a number of consumer financial protection laws from seven federal agencies to the Bureau of Consumer Financial Protection (Bureau) as of July 21, 2011. The Bureau is in the process of republishing the regulations implementing those laws with technical and conforming changes to reflect the transfer of authority and certain other changes made by the Dodd-Frank Act. In light of the transfer of the Board of Governors of the Federal Reserve System's (Board's) rulemaking authority for the Truth in Savings Act (TISA) to the Bureau, the Bureau is publishing for public comment an interim final rule establishing a new Regulation DD (Truth in Savings). This interim final rule does not impose any new substantive obligations on persons subject to the existing Regulation DD, previously published by the Board. This book contains: - The complete text of the Truth in Savings (Regulation DD) (US Consumer Financial Protection Bureau Regulation) (CFPB) (2018 Edition) - A table of contents with the page number of each section

TRUTH IN SAVINGS explains in plain English the requirements, including standardized terminology, of the new Truth in Savings Act, effective March 19, 1993, regulating banks' disclosures of interest rates or penalties in advertisements for personal savings accounts & on periodic statements. The book's explanation of interest is grounded in the basic time-price value of money. TIS explains interest rates so that readers can compare advertised yields of various banks & demonstrates the computations needed to verify bank statements. TIS includes interest tables for various rates & frequencies of compounding, showing the earnings in cents per $100. There are 64 pages of tables & instructions for creating one's own tables or ordering custom-made tables from the author. TIS contains a section by section commentary on the law & a summary of its legislative history by the "father of Truth in Savings," who pioneered in drafting Truth in Savings legislation as far back as the mid sixties. When his thirty years of effort paid off, Jane Bryant Quinn said, "Savers should erect a statue to Richard L. D. Morse." TRUTH IN SAVINGS demonstrates the essential simplicity of the law for consumers, bankers, adult educators, personal finance counselors, financial personnel trainers, & government regulators.