Page:United States Statutes at Large Volume 105 Part 3.djvu/421

 PUBLIC LAW 102-242 —DEC. 19, 1991 105 STAT. 2305 (5) the need to prohibit money laundering and illegal pay- ments; (6) safety and soundness considerations; (7) implications for international negotiations for liberalized trade in financial services; (8) the tax liability of foreign banks; (9) whether the establishment of subsidiaries by foreign banks to operate in the United States should be required only if United States Banks are authorized to engage in securities activities and interstate banking and branching; and (10) differences in treatment of United States creditors under the bankruptcy and receivership laws. (b) REPORT REQUIRED.—Not later than 1 year after the date of enactment of this Act, the Secretary shall transmit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking, Finance and Urban Affairs of the House of Representatives a report on the results of the study under subsection (a). Any additional or dissenting views of participating agencies shall be included in the report. Subtitle B—Customer and Consumer Provisions SEC. 221. STUDY ON REGULATORY BURDEN. 12 USC 3305 (a) IN GENERAL. —Not later than 1 year after the date of enactment of this Act, the Federal Financial Institutions Examination Council, in consultation with individuals representing insured depository institutions, consumers, community groups, and other interested parties, shall— (1) review the policies and procedures, and recordkeeping and documentation requirements used to monitor and enforce compliance with— (A) all laws under the jurisdiction of the Federal banking agencies; and (B) all laws affecting insured depository institutions under the jurisdiction of the Secretary of the Treasury; (2) determine whether such policies, procedures, and requirements impose unnecessary burdens on insured depository institutions; and (3) identify any revisions of such policies, procedures, and requirements that could reduce unnecessary burdens on insured depository institutions without in any respect— (A) diminishing either compliance with or enforcement of consumer laws in any respect; or (B) endangering the safety and soundness of insured depository institutions. (h) REPORT.— Not later than 1 year after the date of enactment of this Act, the Federal Financial Institutions Examination Council shall submit to the Congress a report describing the revisions identified under subsection (a)(3). (c) DEFINITIONS.— For purposes of this section, the terms "insured depository institution" and "Federal banking agency" have the same meanings as in section 3 of the Federal Deposit Insurance Act.

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