Which entities are covered under the Truth in Savings Act?

The Truth in Savings Act (TISA) specifically applies to depository institutions, which include banks and credit unions. These entities are required to disclose key information about their deposit accounts, such as interest rates, fees, and terms of withdrawal, ensuring that consumers can make informed decisions when choosing where to save their money. The primary purpose of TISA is to promote transparency and help consumers compare various savings products being offered by these institutions.

Other entities mentioned, such as insurance companies, credit card companies, mortgage lenders, investment firms, online payment platforms, and peer-to-peer lenders, do not fall under the TISA regulations because they do not primarily deal with deposit accounts that involve savings, checking, or similar account types. Thus, they are not obligated to adhere to the same disclosure requirements set forth by TISA. This focus on banks and credit unions aligns with the Act's intent to protect consumers who use these traditional forms of financial institutions for their savings needs.