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Truth in Savings Act

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Truth in Savings Act

We evaluate the institution’s policies, procedures, and processes to determine compliance with the requirements of the Truth in Savings Act. Specifically,

  • testing of disclosures for content and delivery methods,
  • calculating and testing the accuracy of interest paid,
  • an assessment of periodic statements,
  • review of maturity notices for certificates of deposit,
  • a review of advertising to ensure compliance with advertising requirements, and
  • record retention practices.

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