|
U.S. Code as of:
01/19/04
Section 4308. Regulations
(a) In general
(1) Regulations required
Before the end of the 9-month period beginning on December 19,
1991, the Board, 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 Board, 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 Board under this subsection (or by
the National Credit Union Administration Board under section
4311(b) (!1) 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 Board shall publish model forms and clauses for common
disclosures to facilitate compliance with this chapter. In
devising such forms, the Board 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 Board 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 Board; 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
Board after duly given notice in the Federal Register and an
opportunity for public comment in accordance with section 553 of
title 5.
|
|