§ 3311. — Required review of regulations.
[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identify outdated or otherwise unnecessary regulatory requirements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are outdated, unnecessary, or unduly burdensome.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.