The federal bank regulatory agencies have announced their initial request for comment in an effort to decrease regulatory burdens. The Economic Growth and Regulatory Paperwork Reduction Act of 1996 mandates that the Federal Financial Institutions Examination Council and federal bank regulatory agencies review their regulations every decade to determine if any outdated or unnecessary requirements are in place for the institutions they supervise.
In order to facilitate this review, the agencies have divided their regulations into 12 categories and are presently seeking feedback on three categories: Applications and Reporting, Powers and Activities, and International Operations. The public will have a 90-day window to provide comments on the relevant regulations after they are published in the Federal Register.
In the coming two years, the agencies will seek comment on regulations in the remaining categories, inviting the public to identify regulations they believe are outdated, unnecessary, or excessively burdensome.
Additionally, the agencies plan to host outreach meetings where interested parties can directly comment on applicable regulatory requirements to the agencies. Further information about these outreach meetings will be shared once details are finalized.
Read the original Federal Reserve release here.