Joint Press Release: Federal Bank Regulatory Agencies Seek Comment on Interagency Effort to Reduce Regulatory Burden
JOINT PRESS RELEASE | JULY 25, 2024
Federal Deposit
Insurance CorporationFederal Reserve BoardOffice of the Comptroller of
the Currency__________________________________________________________
______
Federal Bank Regulatory Agencies Seek Comment on
Interagency Effort to Reduce Regulatory Burden
The federal bank
regulatory agencies today announced their second 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 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outdated or otherwise unnecessary regulatory requirements for their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 in three categories: Consumer
Protection; Directors, Officers, and Employees; and Money
Laundering. The public has 90 days from publication in the Federal
Register to comment on the relevant regulations.
Over the next
two years, the agencies will request comment on regulations in the
remaining categories, 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they believe are outdated, unnecessary, or unduly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.
RELATED
LINKS:
Federal Register Notice
Economic Growth and
Regulatory Paperwork Reduction Act website
(https://egrpra.ffiec.gov/)
###
MEDIA
CONTACTS:
FDIC
LaJuan Williams-Young
(202)
898-3876
FRB
Meg Nelson
(202)
452-2955
OCC
Anne Edgecomb
(202)
649-6870
FDIC: PR-59-2024
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