Financial Regulatory Clarity Act of 2014

To require certain financial regulators to determine whether new regulations or orders are duplicative or inconsistent with existing Federal regulations, and for other purposes. 1. Short title This Act may be cited as the Financial Regulatory Clarity Act of 2014 2. Federal Deposit Insurance Corporation Section 9 of the Federal Deposit Insurance Act ( 12 U.S.C. 1819 (c) Review of regulations (1) In general Before issuing a final regulation or order the Corporation shall, as part of such regulation or order, assess other Federal regulations and orders to determine the interaction between the proposed regulation or order and other Federal regulations and orders. (2) Considerations In making a determination of the interaction between the proposed regulation or order and other Federal regulations, the Corporation shall evaluate the following: (A) Whether the proposed regulation or order is in conflict with other Federal regulations or orders. (B) Whether the proposed regulation or order is inconsistent with other Federal regulations or orders. (C) Whether the proposed regulation or order is duplicative of other Federal regulations or orders. (D) Whether other Federal regulations or orders are outdated. (3) Resolving duplicative or inconsistent regulations or orders The Corporation shall use its bests efforts through all available measures under current law to reconcile any duplicative or inconsistent existing regulation or order of the Corporation with any proposed regulation or order before issuing a final regulation or order. (4) Report to Congress Not later than the end of the 60-day period beginning on the date the Corporation makes a determination under paragraph (2), the Corporation shall issue a report to the Congress containing recommendations made by the Corporation, including— (A) any recommendations of Federal laws or regulations that should be repealed or amended; and (B) any duplicative, inconsistent, or conflicting regulation or order of another Federal financial regulator (as defined under paragraph (6)(B)). (5) Limitation on judicial review Notwithstanding any other provision of law, a court may not compel action or hold unlawful and set aside any action solely on the basis of compliance or noncompliance with the requirements of this subsection. (6) Regulation and order defined For purposes of this subsection: (A) In general The term regulation rule section 551(4) order other Federal regulations and orders (B) Federal financial regulators The term Federal financial regulators . 3. Office of Comptroller of the Currency Section 324 of the Revised Statutes of the United States ( 12 U.S.C. 1 (c) Review of regulations (1) In general Before issuing a final regulation or order the Comptroller of the Currency shall, as part of such regulation or order, assess other Federal regulations and orders to determine the interaction between the proposed regulation or order and other Federal regulations and orders. (2) Considerations In making a determination of the interaction between the proposed regulation or order and other Federal regulations, the Comptroller shall evaluate the following: (A) Whether the proposed regulation or order is in conflict with other Federal regulations or orders. (B) Whether the proposed regulation or order is inconsistent with other Federal regulations or orders. (C) Whether the proposed regulation or order is duplicative of other Federal regulations or orders. (D) Whether other Federal regulations or orders are outdated. (3) Resolving duplicative or inconsistent regulations or orders The Comptroller shall use its best efforts through all available measures under current law to reconcile any duplicative or inconsistent existing regulation or order with any proposed regulation or order before issuing a final regulation or order. (4) Report to Congress Not later than the end of the 60-day period beginning on the date the Comptroller makes a determination under paragraph (2), the Comptroller shall issue a report to the Congress containing recommendations made by the Comptroller, including— (A) any recommendations of Federal laws or regulations that should be repealed or amended; and (B) any duplicative, inconsistent, or conflicting regulation or order of another Federal financial regulator (as defined under section 9(c)(6)(B) of the Federal Deposit Insurance Act). (5) Limitation on judicial review Notwithstanding any other provision of law, a court may not compel action or hold unlawful and set aside any action solely on the basis of compliance or noncompliance with the requirements of this subsection. (6) Regulation and order defined For purposes of this subsection, the term regulation rule section 551(4) order other Federal regulations and orders . 4. Board of Governors of the Federal Reserve System Section 10 of the Federal Reserve Act is amended by inserting before paragraph (12) the following: (11) Review of regulations (A) In general Before issuing a final regulation or order the Board of Governors of the Federal Reserve System shall, as part of such regulation or order, assess other Federal regulations and orders to determine the interaction between the proposed regulation or order and other Federal regulations and orders. (B) Considerations In making a determination of the interaction between the proposed regulation or order and other Federal regulations, the Board of Governors shall evaluate the following: (i) Whether the proposed regulation or order is in conflict with other Federal regulations or orders. (ii) Whether the proposed regulation or order is inconsistent with other Federal regulations or orders. (iii) Whether the proposed regulation or order is duplicative of other Federal regulations or orders. (iv) Whether other Federal regulations or orders are outdated. (C) Resolving duplicative or inconsistent regulations or orders The Board of Governors shall use its best efforts through all available measures under current law to reconcile any duplicative or inconsistent existing regulation or order with any proposed regulation or order before issuing a final regulation or order. (D) Report to Congress Not later than the end of the 60-day period beginning on the date the Board of Governors makes a determination under subparagraph (B), the Board of Governors shall issue a report to the Congress containing recommendations made by the Board of Governors, including— (i) any recommendations of Federal laws or regulations that should be repealed or amended; and (ii) any duplicative, inconsistent, or conflicting regulation or order of another Federal financial regulator (as defined under section 9(c)(6)(B) of the Federal Deposit Insurance Act). (E) Limitation on judicial review Notwithstanding any other provision of law, a court may not compel action or hold unlawful and set aside any action solely on the basis of compliance or noncompliance with the requirements of this paragraph. (F) Regulation and order defined For purposes of this paragraph, the term regulation rule section 551(4) order other Federal regulations and orders . 5. Bureau of Consumer Financial Protection Section 1022 of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5512 (e) Review of regulations (1) In general Before issuing a final regulation or order the Bureau shall, as part of such regulation or order, assess other Federal regulations and orders to determine the interaction between the proposed regulation or order and other Federal regulations and orders. (2) Considerations In making a determination of the interaction between the proposed regulation or order and other Federal regulations, the Bureau shall evaluate the following: (A) Whether the proposed regulation or order is in conflict with other Federal regulations or orders. (B) Whether the proposed regulation or order is inconsistent with other Federal regulations or orders. (C) Whether the proposed regulation or order is duplicative of other Federal regulations or orders. (D) Whether other Federal regulations or orders are outdated. (3) Resolving duplicative or inconsistent regulations or orders The Bureau shall use its best efforts through all available measures under current law to reconcile any duplicative or inconsistent existing regulation or order with any proposed regulation or order before issuing a final regulation or order. (4) Report to Congress Not later than the end of the 60-day period beginning on the date the Bureau makes a determination under paragraph (2), the Bureau shall issue a report to the Congress containing recommendations made by the Bureau, including— (A) any recommendations of Federal laws or regulations that should be repealed or amended; and (B) any duplicative, inconsistent, or conflicting regulation or order of another Federal financial regulator (as defined under section 9(c)(6)(B) of the Federal Deposit Insurance Act). (5) Limitation on judicial review Notwithstanding any other provision of law, a court may not compel action or hold unlawful and set aside any action solely on the basis of compliance or noncompliance with the requirements of this subsection. (6) Regulation and order defined For purposes of this subsection, the term regulation rule section 551(4) order other Federal regulations and orders . 6. National Credit Union Administration Section 102 of the Federal Credit Union Act ( 12 U.S.C. 1752a (g) Review of regulations (1) In general Before issuing a final regulation or order the Administration shall, as part of such regulation or order, assess other Federal regulations and orders to determine the interaction between the proposed regulation or order and other Federal regulations and orders. (2) Considerations In making a determination of the interaction between the proposed regulation or order and other Federal regulations, the Administration shall evaluate the following: (A) Whether the proposed regulation or order is in conflict with other Federal regulations or orders. (B) Whether the proposed regulation or order is inconsistent with other Federal regulations or orders. (C) Whether the proposed regulation or order is duplicative of other Federal regulations or orders. (D) Whether other Federal regulations or orders are outdated. (3) Resolving duplicative or inconsistent regulations or orders The Administration shall use its best efforts through all available measures under current law to reconcile any duplicative or inconsistent existing regulation or order with any proposed regulation or order before issuing a final regulation or order. (4) Report to Congress Not later than the end of the 60-day period beginning on the date the Administration makes a determination under paragraph (2), the Administration shall issue a report to the Congress containing recommendations made by the Administration, including— (A) any recommendations of Federal laws or regulations that should be repealed or amended; and (B) any duplicative, inconsistent, or conflicting regulation or order of another Federal financial regulator (as defined under section 9(c)(6)(B) of the Federal Deposit Insurance Act). (5) Limitation on judicial review Notwithstanding any other provision of law, a court may not compel action or hold unlawful and set aside any action solely on the basis of compliance or noncompliance with the requirements of this subsection. (6) Regulation and order defined For purposes of this subsection, the term regulation rule section 551(4) order other Federal regulations and orders . 7. Securities and Exchange Commission Section 4 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78d (j) Review of regulations (1) In general Before issuing a final regulation or order the Commission shall, as part of such regulation or order, assess other Federal regulations and orders to determine the interaction between the proposed regulation or order and other Federal regulations and orders. (2) Considerations In making a determination of the interaction between the proposed regulation or order and other Federal regulations, the Commission shall evaluate the following: (A) Whether the proposed regulation or order is in conflict with other Federal regulations or orders. (B) Whether the proposed regulation or order is inconsistent with other Federal regulations or orders. (C) Whether the proposed regulation or order is duplicative of other Federal regulations or orders. (D) Whether other Federal regulations or orders are outdated. (3) Resolving duplicative or inconsistent regulations or orders The Commission shall use its best efforts through all available measures under current law to reconcile any duplicative or inconsistent existing regulation or order with any proposed regulation or order before issuing a final regulation or order. (4) Report to Congress Not later than the end of the 60-day period beginning on the date the Commission makes a determination under paragraph (2), the Commission shall issue a report to the Congress containing recommendations made by the Commission, including— (A) any recommendations of Federal laws or regulations that should be repealed or amended; and (B) any duplicative, inconsistent, or conflicting regulation or order of another Federal financial regulator (as defined under section 9(c)(6)(B) of the Federal Deposit Insurance Act). (5) Limitation on judicial review Notwithstanding any other provision of law, a court may not compel action or hold unlawful and set aside any action solely on the basis of compliance or noncompliance with the requirements of this subsection. (6) Regulation and order defined For purposes of this subsection, the term regulation rule section 551(4) order other Federal regulations and orders . 8. Commodity Futures Trading Commission Section 2(a) of the Commodity Exchange Act ( 7 U.S.C. 2(a) (16) Review of regulations (A) In general Before issuing a final regulation or order the Commission shall, as part of such regulation or order, assess other Federal regulations and orders to determine the interaction between the proposed regulation or order and other Federal regulations and orders. (B) Considerations In making a determination of the interaction between the proposed regulation or order and other Federal regulations, the Commission shall evaluate the following: (i) Whether the proposed regulation or order is in conflict with other Federal regulations or orders. (ii) Whether the proposed regulation or order is inconsistent with other Federal regulations or orders. (iii) Whether the proposed regulation or order is duplicative of other Federal regulations or orders. (iv) Whether other Federal regulations or orders are outdated. (C) Resolving duplicative or inconsistent regulations or orders The Commission shall use its best efforts through all available measures under current law to reconcile any duplicative or inconsistent existing regulation or order with any proposed regulation or order before issuing a final regulation or order. (D) Report to Congress Not later than the end of the 60-day period beginning on the date the Commission makes a determination under subparagraph (B), the Commission shall issue a report to the Congress containing recommendations made by the Commission, including— (i) any recommendations of Federal laws or regulations that should be repealed or amended; and (ii) any duplicative, inconsistent, or conflicting regulation or order of another Federal financial regulator (as defined under section 9(c)(6)(B) of the Federal Deposit Insurance Act). (E) Limitation on judicial review Notwithstanding any other provision of law, a court may not compel action or hold unlawful and set aside any action solely on the basis of compliance or noncompliance with the requirements of this paragraph. (F) Regulation and order defined For purposes of this paragraph, the term regulation rule section 551(4) order other Federal regulations and orders . 9. Treatment of joint rulemakings In the case of a joint rulemaking with respect to which an assessment and determination is required pursuant to an amendment made under sections 2 through 8 of this Act, the agencies shall jointly make such assessment and determination and shall submit a single report with respect to such determination.

Summary: Financial Regulatory Clarity Act of 2014 - Requires the Federal Deposit Insurance Corporation (FDIC), the Office of Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Bureau of Consumer Financial Protection (CFPB), the National Credit Union Administration (NCUA), the Securities and Exchange Commission (SEC), and the Commodity Futures Trading Commission (CFTC), before issuing a final regulation or order, to assess other federal regulations and orders to determine whether the agency's proposal is in conflict with, is inconsistent with, or is duplicative of such other regulations or orders and whether such other federal regulations or orders are outdated.