12 U.S.C. § 4301 : US Code - Section 4301: Findings and purpose

Search 12 U.S.C. § 4301 : US Code - Section 4301: Findings and purpose

(a) Findings
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.
(b) Purpose
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.