What changed between these versions
A small clarification and adjustment to review frequency. v2 modifies the required review period for federal financial institution regulations from every 5 years to every 7 years. Additionally, v2 narrows the scope of a terminology update, specifically applying the replacement of "appropriate Federal banking agencies" to subsection (e)(1) only, rather than generally throughout the Act as proposed in v1.
Overview
A handful of changes affecting the frequency and scope of regulatory reviews. · v2 clarifies the scope of a terminology update and slightly extends the review cycle for regulations.
The primary change in v2 is the adjustment of the regulatory review cycle from every five years to every seven years for both the public comment solicitation and the internal review processes. Additionally, v1 proposed a broad replacement of "appropriate Federal banking agencies" with "Federal financial institutions regulatory agencies" throughout the existing law, while v2 limits this specific plural term replacement to only subsection (e)(1). All other substantive changes introduced by H.R. 6544, such as the new internal review requirement and the definition of "Federal financial institutions regulatory agency," remain consistent between both versions.
Modifications
Federal financial institutions regulatory agencies will be required to conduct the review and solicit public comment under Section 2222(a) less frequently, every seven years instead of every five years, potentially reducing administrative burden but also extending the time between public input opportunities.
Before
Required a review of regulations and solicitation of public comment "once every 5 years" under Section 2222(a).
After
Requires a review of regulations and solicitation of public comment "once every 7 years" under Section 2222(a).
The Council and Federal financial institutions regulatory agencies will submit their joint report to Congress, summarizing findings from public comments and internal reviews, every seven years instead of every five years, aligning with the extended review cycle.
Before
Required a joint report to Congress summarizing findings from public comments and internal reviews "once every 5 years" under Section 2222(c).
After
Requires a joint report to Congress summarizing findings from public comments and internal reviews "once every 7 years" under Section 2222(c).
The plural term "appropriate Federal banking agencies" will remain unchanged in subsection (a) of Section 2222 of the underlying Act, whereas v1 would have updated it. This means the scope of agencies referenced in subsection (a) for the public comment solicitation might remain tied to "appropriate Federal banking agencies" rather than the broader "Federal financial institutions regulatory agencies" as intended by v1.
Before
Instructed to strike "appropriate Federal banking agencies" each place such term appears and insert "Federal financial institutions regulatory agencies," which would apply to Section 2222(a) and (e)(1) of the underlying Act.
After
Instructed to strike "appropriate Federal banking agencies" and insert "Federal financial institutions regulatory agencies" only within paragraph (1) of subsection (e) of Section 2222 of the underlying Act.