Legal and Regulatory:
Economic Growth And Regulatory Paperwork Reduction
Act of 1996
Title II of the Omnibus
Consolidated Appropriations Act for FY 1997
Public Law
104-208
Signed
into Law on September 30, 1996
(As
Reprinted in the Congressional Record, H11749-H11775, Sept. 28,
1996)
[This
summary was prepared by Law Department Staff, and does not necessarily reflect
the views of the Comptroller or the OCC. Questions and comments may be directed
to the Legislative and Regulatory Activities Division of the Office of the
Comptroller of the Currency (202) 874-5090.]
TABLE OF CONTENTS
Subtitle A --
Streamlining the Home Mortgage Lending Process
Sec. 2101. Simplification and
Unification of Disclosures Required Under RESPA and TILA for Mortgage
Transactions.
Sec. 2102. General Exemption
Authority for Loans
Sec. 2103. Reductions in RESPA
Regulatory Burdens
Sec. 2104. Waiver for Certain
Borrowers
Sec. 2105. Alternative Disclosures
for Adjustable Rate Mortgages
Sec. 2106. Restitution for
Violations of TILA
Sec. 2107. Limitation on Liability
Under TILA
Chapter 1
-- Eliminating Unnecessary Regulatory Requirements and Procedures
Sec.
2201. Elimination
of Redundant Approval Requirement for Oakar Transactions
Sec.
2203. Elimination
of Duplicative Requirements Imposed Upon Bank Holding
Companies
[NOTE:
This section number is a drafting error. It should be "Sec. 2202," with the
following section numbers renumbered accordingly.]
Sec. 2204.
Elimination of the Per Branch Capital Requirement For National Banks And
State Member Banks
Sec. 2205.
Elimination of Branch Application Requirements For
ATMs
Sec. 2206.
Elimination of Requirement
for Approval of Investments in Bank Premises For Well Capitalized and Well
Managed Banks
Sec. 2207.
Elimination of Approval Requirement For
Divestitures
Sec. 2208.
Streamlined Nonbanking Acquisitions by Well Capitalized and Well Managed
Banking Organizations
Sec. 2209.
Elimination of Unnecessary Filing for Officer and Director
Appointments
Sec. 2210.
Amendments to the DIMIA
Sec. 2211.
Elimination of Recordkeeping and Reporting Requirements For
Officers
Sec. 2212.
Repayment of Treasury Loan
Sec. 2213.
Branch Closures.
Sec. 2214.
Foreign Banks.
Sec. 2215.
Disposition of Foreclosed Assets
Sec. 2216.
Exemption Authority for Antitying Provision
Sec. 2217.
FDIC Approval of New State Bank Powers
Chapter 2 --
Eliminating Unnecessary Regulatory Burdens
Sec. 2221.
Small Bank Examination Cycle
Sec. 2222.
Required Review of Regulations
Sec. 2223.
Repeal of Identification of Nonbank Financial Institution
Customers
Sec. 2224.
Repeal of Certain Reporting Requirements
Sec. 2225.
Increase in Home Mortgage Disclosure Exemption
Threshold
Sec. 2226.
Elimination of Stock Loan Reporting Requirement
Sec. 2227.
Credit Availability Assessment.
Chapter 3 --
Regulatory Micromanagement
Sec. 2242.
Paperwork Reduction Review
Sec. 2243.
State Bank Representation on Board of Directors of the
FDIC
Sec. 2244.
Consultation Among Examiners
Subtitle C -- Regulatory Impact on Cost of Credit and
Credit Availability
Sec. 2302.
Incentives for Self-Testing
Sec. 2303.
Qualified Thrift Investment Amendments
Sec. 2304.
Limited Purpose Banks
Sec. 2305.
Amendments to Fair Debt Collection Practices Act
Sec. 2306.
Increase in Certain Credit Union Loan Ceilings
Sec. 2307.
Bank Investments in Edge Act and Agreement Corporations
Subtitle D -- Consumer Credit
Chapter 1 --
Credit Reporting Reform
Sec. 2402.
Definitions (of Consumer Report)
Sec. 2403.
Furnishing Consumer Reports; Use for Employment
Purposes
Sec. 2404.
Use of Consumer Reports for Prescreening; Prohibitionon Unauthorized or
Uncertified Use of Information
Sec. 2405.
Consumer Consent Required to Furnish Consumer Report Containing Medical
Information
Sec. 2406.
Obsolete Information and Information Contained in Consumer
Reports
Sec. 2407.
Compliance Procedures
Sec. 2408.
Consumer Disclosures
Sec. 2409.
Procedures in Case of the
Disputed Accuracy of Any Information in a Consumer's File
Sec. 2410.
Charges for Certain Disclosures
Subtitle D,
sections 2412, et seq.
Sec.
2412.
Civil Liability
Sec.
2413. Responsibilities of Persons Who Furnish Information to Consumer Reporting
Agencies
Sec.
2414.
Investigative Consumer Reports
Sec.
2415.
Increased Criminal Penalties for Obtaining Information Under False
Pretenses
Sec.
2416.
Administrative Enforcement
Sec.
2417.
State Enforcement of Fair Credit Reporting Act
Sec.
2418.
Federal Reserve Board Authority
Sec.
2419.
Preemption of State Law
Sec.
2420.
Effective Date
Sec.
2421.
Relationship to Other Law
Sec.
2422.
Federal Reserve Board Study
Chapter 2 -- Credit Repair Organizations
Sec.
2451.
Regulation of Credit Repair Organizations
Sec.
2452.
Credit Worthiness
Subtitle E -- Asset Conservation, Lender Liability,
and Deposit Insurance Protection
Sec.
2502.
CERCLA Lender and Fiduciary Liability Limitations
Amendments
Sec.
2503.
Conforming Amendments
Sec.
2504.
Lender Liability Rule
Sec.
2505.
Effective Date
Subtitle F -- Miscellaneous
Sec.
2601.
Federal Reserve Board Study
Sec.
2602.
Treatment of Claims Arising From Breach of Contracts Executed by the
Receiver or Conservator
Sec.
2603.
Criminal Sanctions for Fictitious Financial Instruments and
Counterfeiting
Sec.
2604.
Amendments to the Truth-in-Savings Act
Sec.
2605.
Consumer Leasing Act Amendments
Sec.
2606.
Study of Corporate Credit Unions
Sec.
2607.
Report on the Reconciliation of Differences Between RAAP and
GAAP
Sec.
2608.
State-by-State and Metropolitan Area-by-Metropolitan Area Study of Bank
Fees
Sec.
2609.
Prospective Application of Gold Clauses in
Contracts
Sec.
2610.
Qualified Family Partnerships
Sec.
2611.
Cooperative
Efforts Between Depository Institutions and Farmers and Ranchers in
Drought-Stricken Areas
Sec.
2612.
Streamlining Process for Determining New Nonbanking
Activities
Sec.
2613.
Authorizing Bank Service Companies to Organize as Limited Liability
Companies
Sec.
2614.
Retirement Certificates of Deposit
Sec.
2615.
Prohibitions
on Certain Depository Institution Associations with Government-Sponsored
Enterprises
Subtitle G -- Deposit Insurance
Funds
Sec.
2702.
Special Assessment to Capitalize SAIF
Sec.
2703.
Financing Corporation Funding
Sec.
2704.
Merger of BIF and SAIF
Sec.
2705.
Creation of SAIF Special Reserve
Sec.
2706. Refund of
Amounts in Deposit Insurance Fund in Excess of Designated Reserve
Amount
Sec.
2707. Assessment
Rates for SAIF Members May Not Be Less than Assessment Rates for BIF
Members
Sec.
2708. Assessments
Authorized Only If Needed to Maintain the Reserve Ratio of a Deposit Insurance
Fund
Sec.
2709.
Treasury Study of Common Depository Institution
Charter
Sec.
2710.
Definitions
Sec.
2711.
Deduction for
Special Assessment
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