For the purposes of this chapter—

((1)) ** Account** 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)) ** Annual percentage yield** 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)) ** Annual rate of simple interest** 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)) ** Bureau** The term “Bureau” means the Bureau of Consumer Financial Protection.

((5)) ** Deposit broker** The term “deposit broker”—

((A)) has the meaning given to such term in section 1831f(f)(1)  of this title; and

((B)) includes any person who solicits any amount from any other person for deposit in an insured depository institution.

((6)) ** Depository institution** The term “depository institution” has the meaning given such term in clauses (i) through (vi) of , but does not include any nonautomated credit union that was not required to comply with the requirements of this chapter  as of , pursuant to the determination of the National Credit Union Administration Bureau.section 461(b)(1)(A) of this title2September 30, 19961996-09-301

((7)) ** Interest** The term “interest” includes dividends paid with respect to share draft accounts which are accounts within the meaning of paragraph (3).

((8)) ** Multiple rate account** 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.