§3311 — Title 12 Banks and Banking | U.S. Code

Summary

The Council and each federal banking agency on the Council must review all rules they make at least once every 10 years to find rules that are old, unnecessary, or too burdensome for insured depository institutions. They must sort the rules by type (for example, consumer rules or safety-and-soundness rules) and regularly publish notices asking the public to comment on those categories. Every rule must get a notice-and-comment review at least once every 10 years. After the public comment, the agency must publish a summary of the comments in the Federal Register, note major issues, and remove unnecessary rules when appropriate. Within 30 days of that summary, the Council must send Congress a report that summarizes key public concerns and explains whether the agency can fix the problems by changing rules or if new laws are needed.

Title 12, §3311

Banks and Banking — Source: USLM XML via OLRC

(a)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prescribed by the Council or by any such appropriate Federal banking agency, respectively, in order to identify outdated or otherwise unnecessary regulatory requirements imposed on insured depository institutions.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)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particular category or categories of regulations, requesting commentators to identify areas of the regulations that are outdated, unnecessary, or unduly burdensome.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)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)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)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