(a) Form. Depository institutions shall
make the disclosures required by
§§ 230.4 through 230.6 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 §§ 230.4(a)(2) and 230.8
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.
(c) Relation to Regulation E (12 CFR part 205). Disclosures required by and provided in accordance with the Electronic Fund Transfer Act (15 U.S.C. 1601) and its implementing Regulation E (12 CFR part 205) 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.
(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 that 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.
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