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U.S. Code as of:
01/19/04
Section 4803. Streamlining of regulatory requirements
(a) Review of regulations; regulatory uniformity
During the 2-year period beginning on September 23, 1994, each
Federal banking agency shall, consistent with the principles of
safety and soundness, statutory law and policy, and the public
interest -
(1) conduct a review of the regulations and written policies of
that agency to -
(A) streamline and modify those regulations and policies in
order to improve efficiency, reduce unnecessary costs, and
eliminate unwarranted constraints on credit availability;
(B) remove inconsistencies and outmoded and duplicative
requirements; and
(C) with respect to regulations prescribed pursuant to
section 1828(o) of this title, consider the impact that such
standards have on the availability of credit for small
business, residential, and agricultural purposes, and on low-
and moderate-income communities;
(2) review the extent to which existing regulations require
insured depository institutions and insured credit unions to
produce unnecessary internal written policies and eliminate such
requirements, where appropriate;
(3) work jointly with the other Federal banking agencies to
make uniform all regulations and guidelines implementing common
statutory or supervisory policies; and
(4) submit a joint report to the Congress at the end of such
2-year period detailing the progress of the agencies in carrying
out this subsection.
(b) Review of disclosures
The Board of Governors of the Federal Reserve System, in
consultation with the consumer advisory council to such Board,
consumers, representatives of consumers, lenders, and other
interested persons, shall -
(1) review the regulations and written policies of the Board
with respect to disclosures pursuant to the Truth in Lending Act
[15 U.S.C. 1601 et seq.] with regard to variable-rate mortgages
in order to simplify the disclosures, if necessary, and make the
disclosures more meaningful and comprehensible to consumers;
(2) implement any necessary regulatory changes, consistent with
applicable law; and
(3) not later than 2 years after completion of the review
required by paragraph (1), submit a report to the Congress on the
results of its actions taken in accordance with this subsection
and any recommended legislative actions.
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