§ 4802. — Administrative consideration of burden with new regulations.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC4802]
TITLE 12--BANKS AND BANKING
CHAPTER 48--FINANCIAL INSTITUTIONS REGULATORY IMPROVEMENT
Sec. 4802. Administrative consideration of burden with new
regulations
(a) Agency considerations
In determining the effective date and administrative compliance
requirements for new regulations that impose additional reporting,
disclosure, or other requirements on insured depository institutions,
each Federal banking agency shall consider, consistent with the
principles of safety and soundness and the public interest--
(1) any administrative burdens that such regulations would place
on depository institutions, including small depository institutions
and customers of depository institutions; and
(2) the benefits of such regulations.
(b) Adequate transition period for new regulations
(1) In general
New regulations and amendments to regulations prescribed by a
Federal banking agency which impose additional reporting,
disclosures, or other new requirements on insured depository
institutions shall take effect on the first day of a calendar
quarter which begins on or after the date on which the regulations
are published in final form, unless--
(A) the agency determines, for good cause published with the
regulation, that the regulation should become effective before
such time;
(B) the regulation is issued by the Board of Governors of
the Federal Reserve System in connection with the implementation
of monetary policy; or
(C) the regulation is required to take effect on a date
other than the date determined under this paragraph pursuant to
any other Act of Congress.
(2) Early compliance
Any person who is subject to a regulation described in paragraph
(1) may comply with the regulation before the effective date of the
regulation.
(Pub. L. 103-325, title III, Sec. 302, Sept. 23, 1994, 108 Stat. 2214.)
