12 U.S.C. § 5496b

Current through P.L. 118-47 (published on www.congress.gov on 03/23/2024)

Section 5496b - GAO study of financial regulations

(a) Study

Not later than the end of the 180-day period beginning on the date of the enactment of this Act, and annually thereafter, the Comptroller General of the United States shall conduct a study of financial services regulations, including activities of the Bureau. Such study shall include an analysis of-

(1) the impact of regulation on the financial marketplace, including the effects on the safety and soundness of regulated entities, cost and availability of credit, savings realized by consumers, reductions in consumer paperwork burden, changes in personal and small business bankruptcy filings, and costs of compliance with rules, including whether relevant Federal agencies are applying sound cost-benefit analysis in promulgating rules;

(2) efforts to avoid duplicative or conflicting rulemakings, including an evaluation of the consultative process under subparagraphs (B) and (C) of section 5512(b)(2) of this title, information requests, and examinations; and

(3) other matters related to the operations of financial services regulations deemed by the Comptroller General to be appropriate.

(b) Report

Not later than the end of the 30-day period following the completion of a study conducted pursuant to subsection (a), the Comptroller General shall issue a report to the Congress containing a detailed description of all findings and conclusions made by the Comptroller General in carrying out such study, together with such recommendations for legislative or administrative action as the Comptroller General may determine to be appropriate.

12 U.S.C. § 5496b

Pub. L. 111-203, title X, §1016B, as added Pub. L. 112-10, div. B, title V, §1573(a), Apr. 15, 2011, 125 Stat. 138.

EDITORIAL NOTES

REFERENCES IN TEXTThe date of the enactment of this Act, referred to in subsec. (a), probably means the date of enactment of Pub. L. 112-10 which enacted this section and was approved Apr. 15, 2011.

Bureau: The term "Bureau" means the Bureau of Consumer Financial Protection.
consumer: The term "consumer" means an individual or an agent, trustee, or representative acting on behalf of an individual.
credit: The term "credit" means the right granted by a person to a consumer to defer payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment for such purchase.