12 U.S.C. § 4308 | Regulations

(a)

In general

(1)

Regulations required

December 19, 1991section 4309(a) of this titleBefore the end of the 9-month period beginning on , the Bureau, after consultation with each agency referred to in 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

1 So in original. Probably should be “Board”.

2 See References in Text note below.

section 461(b)(1)(A) of this titleThe 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 ).

(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

section 553 of title 5Model 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 .

Pub. L. 102–242, title II, § 269Dec. 19, 1991105 Stat. 2338 Pub. L. 102–550, title IX, § 957(b)Oct. 28, 1992106 Stat. 3897 Pub. L. 111–203, title X, § 1100B(1)July 21, 2010124 Stat. 2109(, , ; , title XVI, § 1604(e)(2)(D)–(H), , , 4084; , , .)

Editorial Notes

References in Text

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

Amendments

Pub. L. 111–2032010— substituted “Bureau” for “Board” wherever appearing.

Pub. L. 102–550, § 1604(e)(2)(D)1992—–(H), made technical amendment to references to “this chapter” wherever appearing to reflect correction of corresponding provision of original act.

Pub. L. 102–550, § 957(b)Subsec. (a)(2). , substituted “9 months” for “6 months”.

Statutory Notes and Related Subsidiaries

Effective Date of 2010 Amendment

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

Effective Date of 1992 Amendment

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