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U.S. Code as of:
01/19/04
Section 4802. Administrative consideration of burden with new regulations
(a) Agency considerations
In determining the effective date and administrative compliance
requirements for new regulations that impose additional reporting,
disclosure, or other requirements on insured depository
institutions, each Federal banking agency shall consider,
consistent with the principles of safety and soundness and the
public interest -
(1) any administrative burdens that such regulations would
place on depository institutions, including small depository
institutions and customers of depository institutions; and
(2) the benefits of such regulations.
(b) Adequate transition period for new regulations
(1) In general
New regulations and amendments to regulations prescribed by a
Federal banking agency which impose additional reporting,
disclosures, or other new requirements on insured depository
institutions shall take effect on the first day of a calendar
quarter which begins on or after the date on which the
regulations are published in final form, unless -
(A) the agency determines, for good cause published with the
regulation, that the regulation should become effective before
such time;
(B) the regulation is issued by the Board of Governors of the
Federal Reserve System in connection with the implementation of
monetary policy; or
(C) the regulation is required to take effect on a date other
than the date determined under this paragraph pursuant to any
other Act of Congress.
(2) Early compliance
Any person who is subject to a regulation described in
paragraph (1) may comply with the regulation before the effective
date of the regulation.
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