12 U.S.C. § 3311 : US Code - Section 3311: Required review of regulations

Search 12 U.S.C. § 3311 : US Code - Section 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order to identify outdated or otherwise unnecessary regulatory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are outdated, unnecessary, or unduly burdensome.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.