What changed between these versions
A small clarification. Section 2(c) was modified to specify that tailoring factors apply to a specific regulatory action, and Section 2(d) now explicitly requires agencies to disclose how they applied the tailoring requirements in rulemaking notices. The bill's core policy remains unchanged.
Overview
A couple of minor changes were made to the bill. · The overall direction of v2 is to clarify and enhance the transparency of existing requirements for federal financial institutions regulatory agencies when implementing regulatory actions.
The primary changes in v2 clarify the application and reporting requirements for federal financial institutions regulatory agencies when tailoring regulations. Specifically, Section 2(c) now explicitly states that the factors for consideration apply "with respect to a regulatory action." Furthermore, Section 2(d) has been updated to require agencies to disclose and document how they applied the tailoring requirements of subsections (b) and (c) in their rulemaking notices. These modifications enhance the precision and transparency of the regulatory tailoring process without altering the fundamental policy objectives of the bill.
Modifications
This modification clarifies that the factors to be considered by regulatory agencies (such as aggregate effect of regulations, potential for third-party actions to undercut tailoring, and statutory intent) must be applied specifically in the context of each individual regulatory action being undertaken, rather than as a general, overarching consideration. This ensures a more focused and direct application of the tailoring principles to specific rules.
Before
This subsection stated that in carrying out the requirements of subsection (b), each Federal financial institutions regulatory agency shall consider certain factors.
After
This subsection now specifies that in carrying out the requirements of subsection (b) *with respect to a regulatory action*, each Federal financial institutions regulatory agency shall consider the listed factors.
This change increases transparency and accountability by requiring agencies to explicitly detail *how* they have applied the tailoring considerations (subsection b) and the factors for consideration (subsection c) in their rulemaking processes. This moves beyond merely documenting the regulatory action to demonstrating the methodology and rationale behind the tailoring decisions, providing more insight to stakeholders and Congress.
Before
This subsection required Federal financial institutions regulatory agencies to disclose and document in every notice of proposed rulemaking and final rulemaking for a regulatory action described in subsection (b).
After
This subsection now requires Federal financial institutions regulatory agencies to disclose and document in every notice of proposed rulemaking and final rulemaking for a regulatory action *how the agency has applied subsections (b) and (c)*.