# § 4803. Streamlining of regulatory requirements
**(a)** **Review of regulations; regulatory uniformity** 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)** **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 [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.
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**Source Credit**: (Pub. L. 103–325, title III, § 303, Sept. 23, 1994, 108 Stat. 2215; Pub. L. 104–208, div. A, title II, § 2242, Sept. 30, 1996, 110 Stat. 3009–418.)
## Editorial Notes
### References in Text
The Truth in Lending Act, referred to in subsec. (b)(1), is title I of , , , which is classified generally to subchapter I (§ 1601 et seq.) of chapter 41 of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see Short Title note set out under and Tables.
### Amendments
1996—Subsec. (a)(2) to (4). added par. (2) and redesignated former pars. (2) and (3) as (3) and (4), respectively.
## Statutory Notes and Related Subsidiaries
### Update on Review of Regulations and Paperwork Reductions
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