Page:United States Statutes at Large Volume 108 Part 3.djvu/463

 PUBLIC LAW 103-325—SEPT. 23, 1994 108 STAT. 2215 (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 Grovernors 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. SEC. 303. STREAMLINING OF REGULATORY REQUIREMENTS. 12 USC 4803. (a) REVIEW OF REGULATIONS; REGULATORY UNIFORMITY.— During the 2-year period beginning on the date of enactment of this Act, 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 18(o) of the Federal Deposit Insurance Act, 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) work jointly with the other Federal banking agencies to make uniform all regulations and guidelines implementing common statutory or supervisory policies; and (3) submit a joint report to the Congress at the end of Reports, 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 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 Reports, 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. SEC. 304. ELIMINATION OF DUPUCATIVE FILINGS. 12 USC 4804. The Federal banking agencies shall work jointly—

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