Which act was designed to promote competition in deposit accounts among savings institutions?

The Truth in Savings Act was implemented to enhance competition in deposit accounts among savings institutions by ensuring that consumers receive clear and accurate information about the terms and conditions of deposit accounts. This act requires financial institutions to disclose essential information such as interest rates, fees, and the annual percentage yield (APY) in a standardized format. Such transparency allows consumers to make informed decisions and helps them to easily compare different savings products offered by various institutions, thereby promoting competition. This is crucial because, without clear information, it would be challenging for consumers to evaluate and understand the various offerings in the market, which could hinder competition among banks and credit unions. The other options address different aspects of financial regulation, but they do not specifically target the promotion of competition in deposit account offerings.