§ 4308. — Regulations.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC4308]
TITLE 12--BANKS AND BANKING
CHAPTER 44--TRUTH IN SAVINGS
Sec. 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).
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\1\ See References in Text note below.
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(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.
(Pub. L. 102-242, title II, Sec. 269, Dec. 19, 1991, 105 Stat. 2338;
Pub. L. 102-550, title IX, Sec. 957(b), title XVI, Sec. 1604(e)(2)(D)-
(H), Oct. 28, 1992, 106 Stat. 3897, 4084.)
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.
Amendments
1992--Pub. L. 102-550, Sec. 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, Sec. 957(b), substituted ``9
months'' for ``6 months''.
Effective Date of 1992 Amendment
Amendment 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.
