12 U.S.C. § 4313: Definitions

Summary

Sets clear meanings for key words used in the chapter about consumer deposit accounts. Account means an account a consumer uses for personal, family, or household purposes at a depository institution, including demand (checking), time (fixed-term), negotiable order of withdrawal, and share draft accounts. Annual percentage yield means the total interest that would be earned on a $100 deposit over a 365-day period, based on the annual simple interest rate and how often interest is compounded, calculated the way the Bureau requires. Annual rate of simple interest is the annualized interest rate for each compounding period and may be called the annual percentage rate. Bureau means the Bureau of Consumer Financial Protection. Deposit broker has the meaning in section 1831f(f)(1) of this title and also includes anyone who solicits money for deposit in an insured depository institution. Depository institution means the entities listed in clauses (i) through (vi) of section 461(b)(1)(A) of this title, but does not include a nonautomated credit union that the National Credit Union Administration determined, as of September 30, 1996, did not have to follow this chapter. Interest includes dividends paid on share draft accounts. Multiple rate account means an account with two or more known annual simple interest rates that take effect at the same time or in later periods.

Title 12, §4313

Banks and Banking, Source: USLM XML via OLRC

For the purposes of this chapter—

(1)Account

The term “account” means any account intended for use by and generally used by consumers primarily for personal, family, or household purposes that is offered by a depository institution into which a consumer deposits funds, including demand accounts, time accounts, negotiable order of withdrawal accounts, and share draft accounts.

(2)Annual percentage yield

The term “annual percentage yield” means the total amount of interest that would be received on a $100 deposit, based on the annual rate of simple interest and the frequency of compounding for a 365-day period, expressed as a percentage calculated by a method which shall be prescribed by the Bureau in regulations.

(3)Annual rate of simple interest

The term “annual rate of simple interest”—

(A)means the annualized rate of interest paid with respect to each compounding period, expressed as a percentage; and

(B)may be referred to as the “annual percentage rate”.

(4)Bureau

The term “Bureau” means the Bureau of Consumer Financial Protection.

(5)Deposit broker

The term “deposit broker”—

(A)has the meaning given to such term in section 1831f(f)(1) of this title; and

(B)includes any person who solicits any amount from any other person for deposit in an insured depository institution.

(6)Depository institution

The term “depository institution” has the meaning given such term in clauses (i) through (vi) of section 461(b)(1)(A) of this title, but does not include any nonautomated credit union that was not required to comply with the requirements of this chapter 1 as of September 30, 1996, pursuant to the determination of the National Credit Union Administration Bureau.

(7)Interest

The term “interest” includes dividends paid with respect to share draft accounts which are accounts within the meaning of paragraph (3).

(8)Multiple rate account

The term “multiple rate account” means any account that has 2 or more annual rates of simple interest which take effect at the same time or in succeeding periods and which are known at the time of disclosure.

Notes & Related Subsidiaries

Editorial Notes

References in Text

section 1831f(f)(1) of this title, referred to in par. (5)(A), was redesignated section 1831f(g)(1) of this title by Pub. L. 102–242, title III, § 301(a)(4), Dec. 19, 1991, 105 Stat. 2344. This chapter, referred to in par. (6), was in the original “this title”, and was translated as meaning “this subtitle”, which is subtitle F of title II of Pub. L. 102–242, Dec. 19, 1991, 105 Stat. 2334, which enacted this chapter, to reflect the probable intent of Congress.

Amendments

2010—Pub. L. 111–203, § 1100B(1), substituted “Bureau” for “Board” wherever appearing. Par. (4). Pub. L. 111–203, § 1100B(4), added par. (4) and struck out former par. (4). Prior to amendment, text read as follows: “The term ‘Board’ means the Board of Governors of the Federal Reserve System.” 1996—Par. (6). Pub. L. 104–208 inserted before period at end “, but does not include any nonautomated credit union that was not required to comply with the requirements of this chapter as of September 30, 1996, pursuant to the determination of the National Credit Union Administration Board”. 1994—Par. (1). Pub. L. 103–325 amended par. (1) generally. Prior to amendment, par. (1) read as follows: “The term ‘account’ means any account offered to 1 or more individuals or an unincorporated nonbusiness association of individuals by a depository institution into which a customer deposits funds, including demand accounts, time accounts, negotiable order of withdrawal accounts, and share draft accounts.” 1992—Pub. L. 102–550 made technical amendment to reference to “this chapter” in introductory provisions to reflect correction of corresponding provision of original act.

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 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.

§4313 Definitions

Summary

Title 12, §4313

Notes & Related Subsidiaries

Editorial Notes

References in Text

Amendments

Statutory Notes and Related Subsidiaries

Effective Date

Effective Date

Citations & Metadata