§ 4803. — Streamlining of regulatory requirements.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC4803]
TITLE 12--BANKS AND BANKING
CHAPTER 48--FINANCIAL INSTITUTIONS REGULATORY IMPROVEMENT
Sec. 4803. Streamlining of regulatory requirements
(a) Review of regulations; regulatory uniformity
During the 2-year period beginning on September 23, 1994, 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 1828(o) of this title, 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) 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) work jointly with the other Federal banking agencies to make
uniform all regulations and guidelines implementing common statutory
or supervisory policies; and
(4) submit a joint report to the Congress at the end of 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 [15
U.S.C. 1601 et seq.] 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
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.
(Pub. L. 103-325, title III, Sec. 303, Sept. 23, 1994, 108 Stat. 2215;
Pub. L. 104-208, div. A, title II, Sec. 2242, Sept. 30, 1996, 110 Stat.
3009-418.)
References in Text
The Truth in Lending Act, referred to in subsec. (b)(1), is title I
of Pub. L. 90-321, May 29, 1968, 82 Stat. 146, as amended, which is
classified generally to subchapter I (Sec. 1601 et seq.) of chapter 41
of Title 15, Commerce and Trade. For complete classification of this Act
to the Code, see Short Title note set out under section 1601 of Title 15
and Tables.
Amendments
1996--Subsec. (a)(2) to (4). Pub. L. 104-208 added par. (2) and
redesignated former pars. (2) and (3) as (3) and (4), respectively.
Update on Review of Regulations and Paperwork Reductions
Pub. L. 105-219, title IV, Sec. 402, Aug. 7, 1998, 112 Stat. 935,
provided that: ``Not later than 1 year after the date of enactment of
this Act [Aug. 7, 1998], the Federal banking agencies [see 12 U.S.C.
1813(z)] shall submit a report to the Congress detailing their progress
in carrying out section 303(a) of the Riegle Community Development and
Regulatory Improvement Act of 1994 [12 U.S.C. 4803(a)], since their
submission of the report dated September 23, 1996, as required by
section 303(a)(4) of that Act.''
