ECONOMIC GROWTH AND REGULATORY PAPERWORK REDUCTION ACT OF 19961 TITLE II-ECONOMIC GROWTH AND REGULATORY PAPERWORK REDUCTION SEC. 2001. [12 U.S.C. 226 nt] SHORT TITLE; TABLE OF CONTENTS; DEFINITIONS. (a) SHORT TITLE.-This title may be cited as the "Economic Growth and Regulatory Paperwork Reduction Act of 1996". (c) [12 U.S.C. 252 nt] DEFINITIONS.-Except as otherwise specified in this title, the following definitions shall apply for purposes of this title: (1) APPRAISAL SUBCOMMITTEE.-The term "Appraisal Subcommittee” means the Appraisal Subcommittee established under section 1011 of the Federal Financial Institutions Examination Council Act of 1978 (as in existence on the day before the date of enactment of this Act). (2) APPROPRIATE FEDERAL BANKING AGENCY.-The term "appropriate Federal banking agency" has the same meaning as in section 3 of the Federal Deposit Insurance Act. (3) BOARD.-The term "Board" means the Board of Governors of the Federal Reserve System. (4) CORPORATION.-The term "Corporation" means the Federal Deposit Insurance Corporation. (5) COUNCIL.-The term "Council" means the Financial Institutions Examination Council established under section 1004 of the Federal Financial Institutions Examination Council Act of 1978. (6) INSURED CREDIT UNION.-The term "insured credit union" has the same meaning as in section 101 of the Federal Credit Union Act. (7) INSURED DEPOSITORY INSTITUTION.-The term "insured depository institution" has the same meaning as in section 3 of the Federal Deposit Insurance Act. 1 This Act consists of title II of the Omnibus Consolidated Appropriations for Fiscal Year 1997 (P.L. 104-208; 110 Stat. 3009-394), which largely amended other Acts. Subtitle A-Streamlining the Home SEC. 2101. [12 U.S.C. 2601 nt] SIMPLIFICATION AND UNIFICATION OF (a) IN GENERAL.-With respect to credit transactions which are subject to the Real Estate Settlement Procedures Act of 1974 and the Truth in Lending Act, the Board of Governors of the Federal Reserve System (hereafter in this section referred to as the "Board") and the Secretary of Housing and Urban Development (hereafter in this section referred to as the "Secretary") shall take such action as may be necessary before the end of the 6-month period beginning on the date of enactment of this Act (1) to simplify and improve the disclosures applicable to such transactions under such Acts, including the timing of the disclosures; and (2) to provide a single format for such disclosures which will satisfy the requirements of each such Act with respect to such transactions. (b) REGULATIONS.-To the extent that it is necessary to prescribe any regulation in order to effect any changes required to be made under subsection (a), the proposed regulation shall be published in the Federal Register before the end of the 6-month period referred to in subsection (a). (c) RECOMMENDATIONS FOR LEGISLATION.-If the Board and the Secretary find that legislative action may be necessary or appropriate in order to simplify and unify the disclosure requirements under the Real Estate Settlement Procedures Act of 1974 and the Truth in Lending Act, the Board and the Secretary shall submit a report containing recommendations to the Congress concerning such action. SEC. 2222. [12 U.S.C. 3311] REQUIRED REVIEW OF REGULATIONS. (a) IN GENERAL.-Not less frequently than once every 10 years, the Council and each appropriate Federal banking agency represented on the Council shall conduct a review of all regulations prescribed by the Council or by any such appropriate Federal banking agency, respectively, in order to identify outdated or otherwise 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 banking agency); 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 carrying 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. 2227. [12 U.S.C. 252] CREDIT AVAILABILITY ASSESSMENT. (a) STUDY. (1) IN GENERAL.-Not later than 12 months after the date of enactment of this Act, and once every 60 months thereafter, the Board, in consultation with the Director of the Office of Thrift Supervision, the Comptroller of the Currency, the Board of Directors of the Corporation, the Administrator of the National Credit Union Administration, the Administrator of the Small Business Administration, and the Secretary of Commerce, shall conduct a study and submit a report to the Congress detailing the extent of small business lending by all creditors. (2) CONTENTS OF STUDY.-The study required under paragraph (1) shall identify, to the extent practicable, those factors which provide policymakers with insights into the small business credit market, including (A) the demand for small business credit, including consideration of the impact of economic cycles on the levels of such demand; |