12 U.S.C. § 4308: Regulations

Summary

The Bureau must write rules to carry out this chapter within the 9-month period beginning on December 19, 1991. It must do this after talking with each agency named in section 4309(a) and after giving public notice and a chance to comment. Those rules must take effect no later than 9 months after they are published in final form. The rules can set different treatments, adjustments, or exceptions for different classes of accounts if the Bureau thinks that is needed to make the chapter work, stop people from dodging the rules, or make it easier to follow them. The chapter does not apply to any depository institution before those rules take effect (or before rules by the National Credit Union Administration under section 4311(b) for certain institutions). The Bureau must also publish model disclosure forms and clauses, keeping in mind banks’ use of data machines. Depository institutions do not have to use the models, but they are treated as following the disclosure rules if they do. They may delete information not required or change the layout, as long as the substance, clarity, and meaningful order are not affected. Model forms must be adopted after notice in the Federal Register and a chance for public comment under section 553 of title 5.

Title 12, §4308

Banks and Banking, Source: USLM XML via OLRC

(a)In general

(1)Regulations required

Before the end of the 9-month period beginning on December 19, 1991, the Bureau, after consultation with each agency referred to in section 4309(a) of this title and public notice and opportunity for comment, shall prescribe regulations to carry out the purpose and provisions of this chapter.

(2)Effective date of regulations

The regulations prescribed under paragraph (1) shall take effect not later than 9 months after publication in final form.

(3)Contents of regulations

The regulations prescribed under paragraph (1) may contain such classifications, differentiations, or other provisions, and may provide for such adjustments and exceptions for any class of accounts as, in the judgment of the Bureau, are necessary or proper to carry out the purposes of this chapter, to prevent circumvention or evasion of the requirements of this chapter, or to facilitate compliance with the requirements of this chapter.

(4)Date of applicability

The provisions of this chapter shall not apply with respect to any depository institution before the effective date of regulations prescribed by the Bureau under this subsection (or by the National Credit Union Administration Bureau under section 4311(b) of this title, in the case of any depository institution described in clause (iv) of section 461(b)(1)(A) of this title).

(b)Model forms and clauses

(1)In general

The Bureau shall publish model forms and clauses for common disclosures to facilitate compliance with this chapter. In devising such forms, the Bureau shall consider the use by depository institutions of data processing or similar automated machines.

(2)Use of forms and clauses deemed in compliance

Nothing in this chapter may be construed to require a depository institution to use any such model form or clause prescribed by the Bureau under this subsection. A depository institution shall be deemed to be in compliance with the disclosure provisions of this chapter if the depository institution—

(A)uses any appropriate model form or clause as published by the Bureau; or

(B)uses any such model form or clause and changes it by—

(i)deleting any information which is not required by this chapter; or

(ii)rearranging the format,

if in making such deletion or rearranging the format, the depository institution does not affect the substance, clarity, or meaningful sequence of the disclosure.

(3)Public notice and opportunity for comment

Model disclosure forms and clauses shall be adopted by the Bureau after duly given notice in the Federal Register and an opportunity for public comment in accordance with section 553 of title 5.

Notes & Related Subsidiaries

Editorial Notes

References in Text

section 4311(b) of this title, referred to in subsec. (a)(4), was in the original “section 12(b)”, probably meaning section 12(b) of Pub. L. 102–242, and was translated as meaning section 272(b) of Pub. L. 102–242, to reflect the probable intent of Congress. There is no section 12 of Pub. L. 102–242, and section 272(b) of Pub. L. 102–242 relates to

Regulations

prescribed by the National Credit Union Administration Board.

Amendments

2010—Pub. L. 111–203 substituted “Bureau” for “Board” wherever appearing. 1992—Pub. L. 102–550, § 1604(e)(2)(D)–(H), made technical amendment to references to “this chapter” wherever appearing to reflect correction of corresponding provision of original act. Subsec. (a)(2). Pub. L. 102–550, § 957(b), substituted “9 months” for “6 months”.

Statutory Notes and Related Subsidiaries

Effective Date

of 2010 AmendmentAmendment by Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.

Effective Date

of 1992 AmendmentAmendment by section 1604 of Pub. L. 102–550 effective as if included in the Federal Deposit Insurance Corporation Improvement Act of 1991, Pub. L. 102–242, as of Dec. 19, 1991, see section 1609(a) of Pub. L. 102–550, set out as a note under section 191 of this title.

§4308 Regulations

Summary

Title 12, §4308

Notes & Related Subsidiaries

Editorial Notes

References in Text

Regulations

Amendments

Statutory Notes and Related Subsidiaries

Effective Date

Effective Date

Citations & Metadata