How should the interest rate and APY be disclosed for requests made?

The correct answer is that interest rate and annual percentage yield (APY) disclosures must be made within the most recent 7 calendar days. This requirement is part of the Truth in Savings Act (TISA), which aims to ensure that consumers receive accurate and timely information about the terms and conditions of their deposit accounts. By stating that the disclosures should reflect the most current rates offered within that 7-day period, TISA emphasizes transparency and enables prospective consumers to make informed decisions based on the most relevant data.

Disclosing rates as of the last month, only for current accounts, or on a quarterly basis would not provide consumers with the timely and relevant information needed to understand their financial products effectively. Monthly or quarterly disclosures could lead to outdated information being used for decision-making, therefore undermining the intent of TISA to safeguard consumer rights and enhance the clarity around banking products.