|
|
Article: ABA: extend truth-in-savings to mutual funds. (American Bankers Association; Truth in Savings Act) (Brief Article)
- Article from:
- American Banker
- Article date:
- November 2, 1993
- Author:
CopyrightCOPYRIGHT 1993 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
WASHINGTON -- The American Bankers Association on Monday urged key lawmakers to subject mutual funds and other financial services companies to the same kind of disclosure requirements that banks face under the Truth-in-Savings Act.
While consumers now view a broad range of financial products as interchangeable, "there is no coherent government policy on disclosures by these various sectors of the financial services industry," said ABA president William H. Brandon Jr.
"One result is that consumers not only have incomplete information about some products, they are often actually misled when ...