12 U.S.C. § 4301
Section 4301 · Findings and purpose
This is the Truth in Savings Act
Amended 1 time on record
Applied in 14 court decisions — leading case 135 Cal. App. 4th 1463 - Smith v. Wells Fargo Bank, N.A. (2006)
Most recently applied in Rose v. Bank of America (August 2013)
How often courts cite this section
Court decisions citing this, by year.Markers show enactment, consequential amendments, and circuit splits over this section — watch for a citation surge after a change or a disagreement. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
The Congress hereby finds that economic stability would be enhanced, competition between depository institutions would be improved, and the ability of the consumer to make informed decisions regarding deposit accounts, and to verify accounts, would be strengthened if there was uniformity in the disclosure of terms and conditions on which interest is paid and fees are assessed in connection with such accounts.
It is the purpose of this chapter to require the clear and uniform disclosure of—
(1) the rates of interest which are payable on deposit accounts by depository institutions; and
(2) the fees that are assessable against deposit accounts,
so that consumers can make a meaningful comparison between the competing claims of depository institutions with regard to deposit accounts.
Editorial notes U.S. Code · Office of the Law Revision Counsel
Short Title
Section 261 of Pub. L. 102–242 provided that: “This subtitle [subtitle F (§§261–274) of title II of Pub. L. 102–242, enacting this chapter] may be cited as the ‘Truth in Savings Act’.”
Separability
If any provision of Pub. L. 102–242 or any application of any provision thereof to any person or circumstance is held invalid, the remainder of Pub. L. 102–242 and the application of any remaining provision of such Act to any other person or circumstance not to be affected by such holding, see section 481 of Pub. L. 102–242, set out as a note under section 1811 of this title.