The federal bank regulatory agencies issued a notice seeking public comment on ways to reduce the regulatory burden.
The Economic Growth and Regulatory Paperwork Reduction Act of 1996 requires the Federal Financial Institutions Examination Council and federal bank regulatory agencies to review their regulations at least once every 10 years. This is done as a way to identify outdated or otherwise unnecessary regulatory requirements for their supervised institutions.
The federal bank regulatory agencies include the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, and the Office of the Comptroller of the Currency (OCC).
In conducting the review, the agencies divided their regulations into 12 categories. They are now soliciting comments on their regulations for three categories: Rules of Procedure, Safety and Soundness, and Securities.
The public has 90 days from publication in the Federal Register to comment on the relevant regulations.
This is the third notice requesting public comment on this matter. In 2025, the agencies will request comments on regulations in the remaining categories. The public will be asked to identify the regulations they believe are outdated, unnecessary, or unduly burdensome.
The agencies plan to hold a series of outreach meetings where interested parties may comment on applicable regulatory requirements directly to the agencies. Information about the outreach meetings will be publicized after the details are finalized.