New Regulation Coming?
Truth in Lending, Electronic Fund Disclosure, Funds Availability Disclosure, Mortgage Disclosure, Security Requirements, Bank Secrecy and Money Laundering Reporting Requirements, Equal Housing Lender Disclosure, Annual Statement Disclosure, and in 1992...Truth in Savings?
The House of Representatives has taken under consideration a bill that will force financial institutions to pay on a customer's full deposit every day. It would also require the figuring of annual yield on savings accounts in a uniform way so that people can compare one financial institution's actual rate with another's.
It appears that the over-regulated banking industry is about to have yet another requirement for the examiners to check. Does make you wonder what's coming next, doesn't it?
Copyright © 1991 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 2, No. 10, 11/91
First published on 11/01/1991