What type of documentation must a bank keep to demonstrate TISA compliance?

To demonstrate compliance with the Truth in Savings Act (TISA), a bank must maintain records of disclosures and advertising materials. This is crucial because TISA mandates that financial institutions provide clear and accurate information regarding account terms and conditions to consumers. The legislation emphasizes transparency in how interest rates, fees, and other account features are presented to customers.

Keeping records of disclosures ensures that the bank can verify that it has provided the required information at the correct times, such as when customers open new accounts or when terms change. Additionally, archived advertising materials are necessary to ensure that marketing practices align with the disclosures made, providing consistency and accountability in the information shared with consumers.

While customer complaints, financial statements, and employee training materials may have relevance to different regulatory requirements or internal practices, they do not specifically address the documentation requirements set out by TISA for demonstrating compliance with disclosure policies. This focuses on the need for accurate communication of account features to protect consumers and support informed decision-making in their banking relationships.