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§ 3311. —  Required review of regulations. - US § 3311. —  Required review of regulations. - US Code : CHAN ROBLES VIRTUAL LAW LIBRARY

[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 12USC3311]

 
                       TITLE 12--BANKS AND BANKING
 
     CHAPTER 34--FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL
 
Sec. 3311. Required review of regulations


(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identify outdated or otherwise unnecessary regulatory requirements 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) of this section, the 
Council or the appropriate Federal banking agency shall--
        (1) categorize the regulations described in subsection (a) of 
    this section 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    are outdated, unnecessary, or unduly burdensome.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) of 
this section is conducted with respect to all regulations described in 
subsection (a) of this section 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) of this 
section, 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.

(Pub. L. 104-208, div. A, title II, Sec. 2222, Sept. 30, 1996, 110 Stat. 
3009-414.)

                          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.




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