12 U.S.C. § 3311: Required review of regulations

Summary

Every 10 years, the Council and each federal banking agency on the Council must review all rules they make for insured banks to find ones that are old, unnecessary, or too burdensome. They must sort rules into types (like consumer or safety rules) and regularly ask the public for comments on those groups, asking people to point out problems. They must make sure every rule gets a public review at least once every 10 years. After collecting comments, the Council or agency must publish a public summary of what people said and try to remove useless rules when appropriate. Within 30 days after posting that summary, the Council must report to Congress about the main issues raised and say whether the agency can fix them by changing rules or whether Congress would need to change the law.

Title 12, §3311

Banks and Banking, Source: USLM XML via OLRC

(a)In general

Not less frequently than once every 10 years, the Council and each appropriate Federal banking agency represented on the Council shall conduct a review of all regulations prescribed by the Council or by any such appropriate Federal banking agency, respectively, in order to identify outdated or otherwise unnecessary regulatory requirements imposed on insured depository institutions.

(b)Process

In conducting the review under subsection (a), the Council or the appropriate Federal banking agency shall—

(1)categorize the regulations described in subsection (a) by type (such as consumer regulations, safety and soundness regulations, or such other designations as determined by the Council, or the appropriate Federal banking agency); and

(2)at regular intervals, provide notice and solicit public comment on a particular category or categories of regulations, requesting commentators to identify areas of the regulations that are outdated, unnecessary, or unduly burdensome.

(c)Complete review

The Council or the appropriate Federal banking agency shall ensure that the notice and comment period described in subsection (b)(2) is conducted with respect to all regulations described in subsection (a) not less frequently than once every 10 years.

(d)Regulatory response

The Council or the appropriate Federal banking agency shall—

(1)publish in the Federal Register a summary of the comments received under this section, identifying significant issues raised and providing comment on such issues; and

(2)eliminate unnecessary regulations to the extent that such action is appropriate.

(e)Report to Congress

Not later than 30 days after carrying out subsection (d)(1), the Council shall submit to the Congress a report, which shall include—

(1)a summary of any significant issues raised by public comments received by the Council and the appropriate Federal banking agencies under this section and the relative merits of such issues; and

(2)an analysis of whether the appropriate Federal banking agency involved is able to address the regulatory burdens associated with such issues by regulation, or whether such burdens must be addressed by legislative action.

Notes & Related Subsidiaries

Editorial Notes

Codification Section enacted as part of the Economic Growth and Regulatory Paperwork Reduction Act of 1996, and also as part of the Omnibus Consolidated Appropriations Act, 1997, and not as part of the Federal Financial Institutions Examination Council Act of 1978 which comprises this chapter.

§3311 Required Review of Regulations

Summary

Title 12, §3311

Notes & Related Subsidiaries

Editorial Notes

Citations & Metadata