Federal bank regulatory agencies seek further comment on interagency effort to reduce regulatory burden
EST
The federal bank regulatory agencies today announced their
third notice requesting comment to reduce 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once every 10 years to identify outdated or otherwise unnecessary
regulatory requirements for their supervised institutions.
To facilitate this review, the agencies divided their
regulations into 12 categories and 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.
The agencies will request comment on regulations in the
remaining categories in 2025, asking the public to identify the
regulations they believe are outdated, unnecessary, or unduly
burdensome.
The agencies will 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 as details are finalized. Last Update:
December 13, 2024