; and (B) an individual account opened in the name of the employee for which the employee maintains responsibility. (3) Regulations The Secretary of the Treasury, in consultation with the Secretary of Labor, shall promulgate regulations carrying out this subsection. Such regulations shall address the responsibility of employers to establish and maintain reasonable claims procedures, any associated penalties for failure to comply with this Act, the timing and notice of benefit determination, how the funds must be invested and minimum interest requirements, and the manner and content of benefit determination, rights of participants in these accounts, among other things as they determine are necessary. (4) Applicability Notwithstanding any other provision of law, an employer may designate an account for direct deposit for a short-term savings account offered under subsection (a). (c) Account sponsor requirements Employers— (1) shall have a fiduciary responsibility to ensure that— (A) any account offered in accordance with subsection (a) meets the requirements of subsection (b); (B) relevant information about participating employees is submitted safely and securely to the insured depository institution or insured credit union; (C) amounts are properly deducted from employees’ wages and transferred to the financial institution on behalf of the employees in accordance with subsection (f); (D) employees have clear instructions and an easy means to make changes to contributions or stop them entirely at any time; and (E) employees have clear guidance on how they may access their money and how quickly they will receive their money upon request