§4308 Regulations

Summary

The Bureau must create rules to carry out this chapter. It has to consult the agencies named in section 4309(a) and give public notice and a chance to comment. The rules had to be made within nine months after December 19, 1991, and must take effect no later than nine months after they are published in final form. The rules can set up different categories, exceptions, or adjustments for classes of accounts if the Bureau thinks those are needed to make the chapter work, stop people from avoiding it, or make it easier to follow. The chapter does not apply to any depository institution until the Bureau’s (or, in certain cases, the National Credit Union Administration Board’s) regulations become effective. The Bureau must also publish model disclosure forms and short clauses to help institutions comply, and it should consider automated or data-processing use when making them. Banks and credit unions do not have to use the model forms. An institution is treated as following the disclosure rules if it uses a Bureau model form, or uses a model form and either removes information not required by the chapter or changes the layout. The Bureau must adopt model forms after notice in the Federal Register and an opportunity for public comment under section 553 of title 5.