§ 4313. Definitions

For the purposes of this chapter—

• (1) The term “account” means any account intended for use by and generally used by consumers primarily for personal, family, or household purposes that is offered by a depository institution into which a consumer deposits funds, including demand accounts, time accounts, negotiable order of withdrawal accounts, and share draft accounts.
• (2) The term “annual percentage yield” means the total amount of interest that would be received on a $100 deposit, based on the annual rate of simple interest and the frequency of compounding for a 365-day period, expressed as a percentage calculated by a method which shall be prescribed by the Bureau in regulations.
• (3) The term “annual rate of simple interest”—
  • (A) means the annualized rate of interest paid with respect to each compounding period, expressed as a percentage; and
  • (B) may be referred to as the “annual percentage rate”.
• (4) The term “Bureau” means the Bureau of Consumer Financial Protection.
• (5) The term “deposit broker”—
  • (A) has the meaning given to such term in section 1831f(f)(1) 1 1 See References in Text note below. of this title; and
  • (B) includes any person who solicits any amount from any other person for deposit in an insured depository institution.
• (6) The term “depository institution” has the meaning given such term in clauses (i) through (vi) of section 461(b)(1)(A) of this title , but does not include any nonautomated credit union that was not required to comply with the requirements of this chapter 1 as of September 30, 1996 , pursuant to the determination of the National Credit Union Administration Bureau. 2 2 So in original. Probably should be “Board.”
• (7) The term “interest” includes dividends paid with respect to share draft accounts which are accounts within the meaning of paragraph (3).
• (8) The term “multiple rate account” means any account that has 2 or more annual rates of simple interest which take effect at the same time or in succeeding periods and which are known at the time of disclosure.