What is the penalty for non-compliance with the Truth in Savings Act?

The penalty for non-compliance with the Truth in Savings Act primarily includes monetary damages and regulatory enforcement actions. This means that financial institutions that fail to comply with the requirements of the Act may face sanctions that can involve monetary penalties. Additionally, regulatory agencies, such as the Consumer Financial Protection Bureau (CFPB), have the authority to take enforcement actions against such institutions to ensure compliance with the law.

Monetary damages serve to compensate consumers who may have been harmed or misled by a financial institution's failure to provide the required disclosures or to adhere to proper practices as defined by the Act. These damages can also serve as a deterrent to encourage institutions to comply with the regulations.

In summary, the approach taken by the Truth in Savings Act focuses on protecting consumers’ rights through financial accountability and oversight, which is encapsulated in the option that identifies monetary damages and regulatory enforcement actions as the penalties for non-compliance.