The federal bank regulatory agencies are requesting public comment from the public and stakeholders to reduce regulatory burden.
The Economic Growth and Regulatory Paperwork Reduction Act requires the agencies to review their regulations at least once every 10 years to identify outdated, unnecessary, or unduly burdensome regulatory requirements for their supervised institutions.
“The EGRPRA regulatory review provides an opportunity for the public and the agencies to evaluate groups of related regulations and to identify opportunities for burden reduction,” the notice states. “For example, the EGRPRA review may facilitate the identification of statutes and regulations that share similar goals or complementary methods where one or more agencies could eliminate the overlapping regulatory requirements. Alternatively, commenters may identify regulations or statutes that impose requirements that are no longer consistent with current business practices and may warrant revision or elimination.”
To conduct this review, the agencies – which include the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, and the Office of the Comptroller of the Currency — divided their regulations into 12 categories.
As this is the fourth notice on this subject, they are now soliciting comments on their regulations for the three remaining categories: Banking Operations, Capital, and the Community Reinvestment Act.
The public has 90 days from publication in the Federal Register to comment on the relevant regulations.
The agencies will hold outreach meetings where interested parties may comment on applicable regulatory requirements directly to the agencies. Information about the outreach meetings will be publicized as details are finalized.