WASHINGTON - A coalition of seven bank trade groups on Monday demanded that the Federal Reserve Board reconsider its recent decision to change the way annual percentage yields are calculated under Truth-in- Savings.

The change, overwhelmingly opposed by bankers, will reflect both the effect of compounding and the value of receiving interest during the term of an account.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.