(a) Form. Depository institutions shall make the disclosures required
by sections 1030.4 through 1030.6 of this part, as applicable, clearly
and conspicuously, in writing, and in a form the consumer may keep.
The disclosures required by this part may be provided to the consumer
in electronic form, subject to compliance with the consumer consent
and other applicable provisions of the Electronic Signatures in Global
and National Commerce Act (E-Sign Act) (15 U.S.C. 7001 et seq.). The disclosures required by sections 1030.4(a)(2) and 1030.8 may
be provided to the consumer in electronic form without regard to the
consumer consent or other provisions of the E-Sign Act in the circumstances
set forth in those sections. Disclosures for each account offered
by an institution may be presented separately or combined with disclosures
for the institution’s other accounts, as long as it is clear which
disclosures are applicable to the consumer’s account.
(b) General. The disclosures
shall reflect the terms of the legal obligation of the account agreement
between the consumer and the depository institution. Disclosures may
be made in languages other than English, provided the disclosures
are available in English upon request.
6-6911
(c) Relation to Regulation E (12 CFR part 1005). Disclosures required by and provided in accordance with the Electronic
Fund Transfer Act (15 U.S.C. 1693 et seq.) and its implementing
Regulation E (12 CFR part 1005) that are also required by this part
may be substituted for the disclosures required by this part.
(d) Multiple consumers. If an account is held by more than one consumer, disclosures may
be made to any one of the consumers.
(e) Oral response to inquiries. In an oral
response to a consumer’s inquiry about interest rates payable on its
accounts, the depository institution shall state the annual percentage
yield. The interest rate may be stated in addition to the annual percentage
yield. No other rate may be stated.
6-6912
(f) Rounding and accuracy rules for rates and yields.
(1) Rounding. The annual percentage yield, the annual percentage
yield earned, and the interest rate shall be rounded to the nearest
one-hundredth of one percentage point (.01%) and expressed to two
decimal places. For account disclosures, the interest rate may be
expressed to more than two decimal places.
(2) Accuracy. The annual percentage yield (and the annual percentage yield earned)
will be considered accurate if not more than one-twentieth of one
percentage point (.05%) above or below the annual percentage yield
(and the annual percentage yield earned) determined in accordance
with the rules in Appendix A of this part.
