SUBTITLE F — TRUTH IN SAVINGS

Subtitle F - Truth in Savings

SEC. 261. Short Title	7477
SEC. 262. Findings and Purpose	7477
(a) Findings	7477
(b) Purpose	7477
SEC. 263. Disclosure of Interest Rates and Terms of Accounts
(a) In general	7477
(b) Broadcast and electronic media and outdoor advertising exception	7478
(c) Disclosure required for on-premise displays	7478
(d) Misleading description of free or no-cost accounts prohibited	7478
(e) Misleading or inaccurate advertisements, etc., prohibited	7478
SEC. 264. Account Schedule
(a) In general	7479
(b) Information on fees and changes	7479
(c) Information on interest rates	7479
(d) Other information	7480
(e) Style and format	7480
SEC. 265. Disclosure Requirements for Certain Accounts	7480
SEC. 266. Distribution of Schedules
(a) In general	7480
(b) Distribution in case of certain initial deposits	7480
(c) Distribution of notice of certain changes	7481
(d) Distribution in case of accounts established by more than 1 individual or by a group	7481
(e) Notice to account holders as of the effective date of regulations	7481
SEC. 267. Payment of Interest
(a) Calculated on full amount of principal	7481
(b) No particular method of compounding interest required	7482
(c) Date by which interest must accrue	7482
SEC. 268. Periodic Statements	7482
SEC. 269. Regulations
(a) In general	7482
(b) Model forms and clauses	7483
SEC. 270. Administrative Enforcement
(a) In general	7483
(b) Additional enforcement powers	7483
(c) Regulations by agencies other than the Board	7484
SEC. 271. Civil Liability
(a) Civil liability	7484
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(b) Class action awards	7484
(c) Bona fide errors	7485
(d) No liability for overpayment	7485
(e) Jurisdiction	7485
(f) Reliance on Board rulings	7485
(g) Notification of and adjustment for errors	7486
(h) Multiple interests in 1 account	7486
(i) Continuing failure to disclose	7486
SEC. 272. Credit Unions
(a) In general	7487
(b) Regulations prescribed by the NCUA	7487
SEC. 273. Effect on State Law	7487
SEC. 274. Definitions	7487