§4802 Administrative Consideration of Burden with New Regulations

Summary

Federal banking agencies must weigh the extra paperwork and other administrative burdens new rules would place on insured banks (including small banks) and their customers against the benefits. They must do this while protecting safety and soundness and the public interest. New rules that add reporting, disclosure, or similar requirements must start on the first day of the calendar quarter that begins on or after the rule’s final publication date, unless the agency publishes a good-cause reason for an earlier date, the Board of Governors of the Federal Reserve issues it for monetary policy, or another law sets a different date. Anyone covered by the rule may follow it before it officially takes effect.