Page:United States Statutes at Large Volume 110 Part 4.djvu/578

 110 STAT. 3009-415 PUBLIC LAW 104-208—SEPT. 30, 1996 unnecessary regulatory requirements imposed on insured depository institutions. (b) PROCESS.— In conducting the review under subsection (a), the Council or the appropriate Federal banking agency shall— (1) categorize the regulations described in subsection (a) by type (such as consumer regulations, safety and soundness regulations, or such other designations as determined by the Council, or the appropriate Federal bgmking Eigency); and (2) at regular intervals, provide notice and solicit public comment on a particular category or categories of regulations, requesting commentators to identify areas of the regulations that are outdated, unnecessary, or unduly burdensome. (c) COMPLETE REVIEW.—The Council or the appropriate Federal banking agency shall ensure that the notice and comment period described in subsection (b)(2) is conducted with respect to all regulations described in subsection (a) not less frequently than once every 10 years. (d) REGULATORY RESPONSE. —The Council or the appropriate Federal banking agency shall— (1) publish in the Federal Register a summary of the comments received under this section, identifying significant issues raised and providing comment on such issues; and (2) eliminate unnecessary regulations to the extent that such action is appropriate. (e) REPORT TO CONGRESS. — Not later than 30 days after carry- ing out subsection (d)(1), the Council shall submit to the Congress a report, which shall include— (1) a summary of any significant issues raised by public comments received by the Council and the appropriate Federal banking agencies under this section and the relative merits of such issues; and (2) an analysis of whether the appropriate Federal banking agency involved is able to address the regulatory burdens associated with such issues by regulation, or whether such burdens must be addressed by legislative action. SEC. 2223. REPEAL OF roENTIFICATION OF NONBANK FINANCIAL INSTITUTION CUSTOMERS. Subchapter II of chapter 53 of title 31, United States Code, is amended— (1) by striking section 5327; (2) in the chapter analysis, by striking the item relating to section 5327; and (3) in section 5321(a), by striking paragraph (7). SEC. 2224. REPEAL OF CERTAIN REPORTING REQUIREMENTS. (a) FDIA.— Section 477 of the Federal Deposit Insurance Corporation Improvement Act of 1991 (12 U.S.C. 251) is repealed. (b) FIRREA.— Section 918 of the Financial Institutions Reform, 12 USC 1833. Recovery, and Enforcement Act of 1989 (12 U.S.C. 1833 note) is repealed. (c) ILS. —Section 913 of the International Lending Supervision Act of 1983 (12 U.S.C. 3912) is repealed. SEC. 2225. INCREASE IN HOME MORTGAGE DISCLOSURE EXEMPTION THRESHOLD. (a) IN GENERAL. —Section 309 of the Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2808) is amended—

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