12 U.S.C. § 4306 — Payment of interest

Page 1629 TITLE 12—BANKS AND BANKING § 4308 1 So in original. Probably should be ‘‘Board’’. 2 See References in Text note below. 1996—Subsec. (a)(3). Pub. L. 104–208 inserted ‘‘has a maturity of more than 30 days’’ after ‘‘deposit which’’. 1992—Subsec. (e). Pub. L. 102–550 substituted ‘‘on or with the first regularly scheduled mailing sent after the end of the 6-month period beginning on the date of publication’’ for ‘‘on or with any regularly scheduled mailing posted or delivered within 180 days after publi- cation’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–203 effective on the des- ignated 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 AMENDMENT Amendment by Pub. L. 102–550 effective as if included in the Federal Deposit Insurance Corporation Improve- ment 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. § 4306. Payment of interest (a) Calculated on full amount of principal Interest on an interest-bearing account at any depository institution shall be calculated by such institution on the full amount of principal in the account for each day of the stated cal- culation period at the rate or rates of interest disclosed pursuant to this chapter. (b) No particular method of compounding inter- est required Subsection (a) shall not be construed as pro- hibiting or requiring the use of any particular method of compounding or crediting of interest. (c) Date by which interest must accrue Interest on accounts that are subject to this chapter shall begin to accrue not later than the business day specified for interest-bearing ac- counts in section 4005 of this title, subject to subsections (b) and (c) of such section. (Pub. L. 102–242, title II, § 267, Dec. 19, 1991, 105 Stat. 2338; Pub. L. 102–550, title XVI, § 1604(e)(2)(B), (C), Oct. 28, 1992, 106 Stat. 4084.) Editorial Notes AMENDMENTS 1992—Subsecs. (a), (c). Pub. L. 102–550 made technical amendment to references to ‘‘this chapter’’ to reflect correction of corresponding provision of original act. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1992 AMENDMENT Amendment by Pub. L. 102–550 effective as if included in the Federal Deposit Insurance Corporation Improve- ment 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. § 4307. Periodic statements Each depository institution shall include on or with each periodic statement provided to each account holder at such institution a clear and conspicuous disclosure of the following informa- tion with respect to such account: (1) The annual percentage yield earned. (2) The amount of interest earned. (3) The amount of any fees or charges im- posed. (4) The number of days in the reporting pe- riod. (Pub. L. 102–242, title II, § 268, Dec. 19, 1991, 105 Stat. 2338.) § 4308. Regulations (a) In general (1) Regulations required Before the end of the 9-month period begin- ning 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 pro- visions 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, differen- tiations, 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 cir- cumvention 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 institu- tion before the effective date of regulations prescribed by the Bureau under this subsection (or by the National Credit Union Administra- tion Bureau 1 under section 4311(b) 2 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 de- pository institutions of data processing or similar automated machines. (2) Use of forms and clauses deemed in compli- ance 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 in- stitution 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—