§ 4803. Streamlining of regulatory requirements

• (a) 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) 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.