A bill to establish a Consumer Savings Disclosure Act in order to provide for uniform and full disclosure of information with respect to the computation and payment of earnings on certain savings deposits.

Truth in Savings Act - Declares that economic stability would be enhanced and competition among savings institutions improved by full disclosure of the terms and conditions under which earnings on savings deposits are payable. Declares that the purposes of this Act to be the meaningful disclosure of terms and conditions of the payment of earnings on individual savings deposits.

Establishes a method to determine annual percentage rate, periodic percentage rate, and annual percentage yield.

Confers on the Federal Reserve Board authority to issue appropriate regulations which provide for uniform disclosures and regulations as the Board determines are necessary.

Establishes disclosure requirements to be applied to any individual at a time before he initially places funds in an individual savings deposit in a savings institution.

Authorizes the Federal Reserve Board to establish additional disclosure requirements. Requires a savings institution to notify its depositors 10 days in advance of any change in policy or procedure with respect to any item of information required to be disclosed.

Requires advertisements relating to the earnings payable on an individual savings deposit to state with equal prominence the annual percentage rate and the annual percentage yield. Prohibits any indication of any percentage rate or percentage yield based on a period in excess of one year or based on the effect of any grace period.

Establishes the governmental agencies which have responsibility for enforcing compliance with the requirements of this Act.

Establishes civil liability for a savings institution which fails to comply with this Act.

Permits savings institution to avoid liability if it notifies individuals of errors within 15 days of discovery or if a preponderance of evidence shows that error was, unintentional and resulted from a bona fide error.

Provides a maximum $5,000 fine for willful and knowing violation of the requirements of the Act.

Authorizes the Board to obtain the view of any other Federal or State agency exercising regulatory or supervisory functions with respect to any class of savings institutions subject to this Act.

Limits effect of the Act on pertinent State laws and on the validity and enforceability of any contract or obligation under State or Federal law.

Requires the Board to make an annual report to Congress concerning the administration of its functions under this Act.

Provides for the continued validity of the remainder of this Act should any provision be held invalid.