adjustment determined under clause (ii). (ii) Cost-of-living adjustment For purposes of clause (i), the cost-of-living adjustment for any calendar year is the percentage (if any) by which— (I) the CPI for the preceding calendar year, exceeds (II) the CPI for calendar year 2019. For purposes of this clause, the CPI for any calendar year shall be determined in the same manner as it is determined under section 1(f)(4). (iii) Rounding If any increase determined under clause (i) is not a multiple of $10, such increase shall be rounded to the nearest multiple of $10. (3) Separate accounting A program shall not be treated as a qualified down payment savings program unless it provides separate accounting for each designated beneficiary. (4) Investment direction A program shall not be treated as a qualified down payment savings program unless it provides that— (A) except as provided in subparagraph (B), any contributor to, or designated beneficiary under, such program may, directly or indirectly, direct the investment of any contributions to the program (or any earnings thereon) no more than 2 times in any calendar year and subject to the regulations established pursuant to this section, and (B) in the event that an account’s holdings meet the value established under paragraph (2)(B), the account funds will be transferred to investments in United States Treasury securities. (5) No pledging of interest as a security A program shall not be treated as a qualified down payment savings program if it allows any interest in the program or any portion thereof to be used as security for a loan. (6) Compliance with regulations A program shall not be treated as a qualified down payment savings program unless it complies with all regulations issued pursuant to subsection (f). (c) Tax treatment of designated beneficiaries and contributors (1) In general Except as otherwise provided in this subsection, no amount shall be includible in gross income of— (A) a designated beneficiary under a qualified down payment savings program, or (B)