Which law requires financial institutions to disclose fees, the interest rate, the annual percentage yield, and the other terms

Question

valkas [14]

4 years ago

8

Which law requires financial institutions to disclose fees, the interest rate, the annual percentage yield, and the other terms

and conditions on savings account plans?

Business

1 answer:

Nana76 [90] · Answer 1 · 2021-12-30T18:57:34+03:00

Answer:

Truth in Savings Act

Explanation:

The law was passed to bring fairness in the financial statements of the financial institutions because their mismanagement of operations has a great impact on the organizations and the pensioners. It was evident when a large group of financial institutitons got bankrupt when Enron collapsed which affected all the pensioners in the US. So to bring fairness and emphasize additional control on the financial institutions the US government passed the Truth in Saving Act to safeguard its resident's future income.