STUDY ON REGULATORY BURDEN.

SEC. 221. STUDY ON REGULATORY BURDEN. (a) In General.— Not later than 1 year after the date of enactment of this Act, the Federal Financial Institutions Examination Council, in consultation with individuals representing insured depository institutions, consumers, community groups, and other interested parties, shall— (1) review the policies and procedures, and recordkeeping and documentation requirements used to monitor and enforce compliance with— (A) all laws under the jurisdiction of the Federal banking agencies; and (B) all laws affecting insured depository institutions under the jurisdiction of the Secretary of the Treasury; (2) determine whether such policies, procedures, and requirements impose unnecessary burdens on insured depository institutions; and (3) identify any revisions of such policies, procedures, and requirements that could reduce unnecessary burdens on insured depository institutions without in any respect— (A) diminishing either compliance with or enforcement of consumer laws in any respect; or (B) endangering the safety and soundness of insured depository institutions. (b) Report.— Not later than 1 year after the date of enactment of this Act, the Federal Financial Institutions Examination Council shall submit to the Congress a report describing the revisions identified under subsection (a)(3). (c) Definitions.— For purposes of this section, the terms “insured depository institution” and “Federal banking agency” have the same meanings as in section 3 of the Federal Deposit Insurance Act.