§ 4803. Streamlining of regulatory requirements

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1994

   Riegle Community Development and Regulatory Improvement Act of 1994

   Pub. L. 103–325 title III § 303 · 108 Stat. 2160

   Enacted · 12 U.S.C. § 4803

   Pub. L. 103–325, title III, § 303, Sept. 23, 1994, 108 Stat. 2215

   Source evidence

   Code source credit
   Pub. L. 103–325, title III, § 303, Sept. 23, 1994, 108 Stat. 2215

   Enacted provision · exact public law section
   SEC. 303. STREAMLINING OF REGULATORY REQUIREMENTS. (a) Review of Regulations; Regulatory Uniformity.— During the 2-year period beginning on the date of enactment of this Act, each Federal banking agency shall, consistent with the principles of safety and soundness, statutory law and policy, and the public interest— (1) conduct a review of the regulations and written policies of that agency to— (A) streamline and modify those regulations and policies in order to improve efficiency, reduce unnecessary costs, and eliminate unwarranted constraints on credit availability; (B) remove inconsistencies and outmoded and duplicative requirements; and (C) with respect to regulations prescribed pursuant to section 18(o) of the Federal Deposit Insurance Act, consider the impact that such standards have on the availability of credit for small business, residential, and agricultural purposes, and on low- and moderate-income communities; (2) work jointly with the other Federal banking agencies to make uniform all regulations and guidelines implementing common statutory or supervisory policies; and (3) submit a joint report to the Congress at the end of Reports. such 2-year period detailing the progress of the agencies in carrying out this subsection. (b) Review of Disclosures.— The Board of Governors of the Federal Reserve System, in consultation with the consumer advisory council to such Board, consumers, representatives of consumers, lenders, and other interested persons, shall— (1) review the regulations and written policies of the Board with respect to disclosures pursuant to the Truth in Lending Act with regard to variable-rate mortgages in order to simplify the disclosures, if necessary, and make the disclosures more meaningful and comprehensible to consumers; (2) implement any necessary regulatory changes, consistent with applicable law; and (3) not later than 2 years after completion of the review Reports. required by paragraph (1), submit a report to the Congress on the results of its actions taken in accordance with this subsection and any recommended legislative actions.

2. 1996

   Department of Commerce and Related Agencies Appropriations Act, 1997

   Pub. L. 104–208 div. A title II § 2242 · 110 Stat. 3009

   1. Added · 12 U.S.C. § 4803(a)(2)(4)

      Pub. L. 104–208 added par. (2)

   2. Redesignated · 12 U.S.C. § 4803(a)(2)(4)

      Pub. L. 104–208 redesignated former pars. (2) and (3) as (3) and (4), respectively

   Source evidence

   Code amendment note
   Subsec. (a)(2) to (4). Pub. L. 104–208 added par. (2) and redesignated former pars. (2) and (3) as (3) and (4), respectively.

   Enacted provision · exact public law section
   SEC. 2242. PAPERWORK REDUCTION REVIEW. Section 303(a) of the Riegle Community Development and Regulatory Improvement Act of 1994 (12 U.S.C. 4803(a)) is amended— (1) by redesignating paragraphs (2) and (3) as paragraphs (3) and (4), respectively; and (2) by inserting after paragraph (1) the following new paragraph: “(2) review the extent to which existing regulations require insured depository institutions and insured credit unions to produce unnecessary internal written policies and eliminate such requirements, where appropriate;”.

3 of 3 references resolved to an enrolled provision