Interest

Interest means any payment to a consumer or to an account for the use of funds in an account, calculated by application of a periodic rate to the balance. The term does not include the payment of a bonus or other consideration worth $10 or less given during a year, the waiver or reduction of a fee, or the absorption of expenses.

Source

12 CFR § 1030.2

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Scoping language

For purposes of this part, the following definitions apply:

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