105 STAT. 2338 PUBLIC LAW 102-242 —DEC. 19, 1991 containing the terms, charges, and interest rates of the account, and that the account holder may wish to request such an account schedule. 12 USC 4306. SEC. 267. PAYMENT OF INTEREST. (a) CALCULATED ON FULL AMOUNT OF PRINCIPAL.— Interest on an interest-bearing account at any depository institution shall be calculated by such institution on the full amount of principal in the account for each day of the stated calculation period at the rate or rates of interest disclosed pursuant to this Act. (b) NO PARTICULAR METHOD OF COMPOUNDING INTEREST RE- QUIRED.— Subsection (a) shall not be construed as prohibiting or requiring the use of any particular method of compounding or crediting of interest. (c) DATE BY WHICH INTEREST MUST ACCRUE. —Interest on accounts that are subject to this Act shall begin to accrue not later than the business day specified for interest-bearing accounts in section 606 of the Expedited Funds Availability Act, subject to subsections (b) and (c) of such section. 12 USC 4307. SEC. 268. PERIODIC STATEMENTS. Each depository institution shall include on or with each periodic statement provided to each account holder at such institution a clear and conspicuous disclosure of the following information with respect to such account: (1) The annual percentage yield earned. (2) The amount of interest earned. (3) The amount of any fees or charges imposed. (4) The number of days in the reporting period. 12 USC 4308. SEC. 269. REGULATIONS. (a) IN GENERAL.— (1) REGULATIONS REQUIRED.— Before the end of the 9-month period beginning on the date of the enactment of this Act, the Board, after consultation with each agency referred to in section 270(a) and public notice and opportunity for comment, shall prescribe regulations to carry out the purpose and provisions of this Act. (2) EFFECTIVE DATE OF REGULATIONS. — The regulations prescribed under paragraph (1) shall take effect not later than 6 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 clsiss of accounts as, in the judgment of the Board, are necessary or proper to carry out the purposes of this Act, to prevent circumvention or evasion of the requirements of this Act, or to facilitate compliance with the requirements of this Act. (4) DATE OF APPLICABILITY. — The provisions of this Act 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 12(b), in the case of any depository institution described in clause (iv) of section 19(b)(1)(A) of the Federal Reserve Act). (b) MODEL FORMS AND CLAUSES. —
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