§4802 Administrative consideration of burden with new regulations

Summary

Federal banking agencies must think about the extra paperwork, time, and costs a new rule would put on insured banks, small banks, and their customers. They must also weigh what the rule would accomplish. While doing this, they must keep bank safety and the public interest in mind. New rules that add reporting or disclosure duties usually start on the first day of the calendar quarter that begins on or after the final rule is published. A rule can start earlier only if the agency explains a good reason, if the Federal Reserve issues it for monetary policy, or if another law sets a different start date. Banks may choose to follow the rule before it officially starts.