12 U.S. Code § 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;
(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
(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;
Source(Pub. L. 103–325, title III, § 303,Sept. 23, 1994, 108 Stat. 2215; Pub. L. 104–208, div. A, title II, § 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 (§ 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.
1996—Subsec. (a)(2) to (4). Pub. L. 104–208added 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, § 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.”