What defines a "consumer" under TISA?

Under the Truth in Savings Act (TISA), a "consumer" is specifically defined as a natural person holding an account for personal use. This definition is crucial because TISA was designed to protect individual consumers in their transactions with depository institutions, ensuring they receive clear and accurate information regarding the terms and conditions of their accounts.

By focusing on natural persons engaging in personal transactions, TISA aims to enhance consumer protection and promote transparency in banking practices. This helps individuals make informed decisions about their savings options, such as understanding fees, interest rates, and account terms.

In contrast, entities like businesses or professionals are excluded from this definition, as they operate under different regulatory frameworks and have different needs and resources compared to individual consumers. Therefore, the distinction is important in the context of TISA, as it focuses specifically on the consumer experience in personal banking.