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.
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.
If any provision of Pub. L. 102–242or any application of any provision thereof to any person or circumstance is held invalid, the remainder of Pub. L. 102–242and the application of any remaining provision of such Act to any other person or circumstance not to be affected by such holding, see section 481 ofPub. L. 102–242, set out as a note under section
1811 of this title.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
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