Joint Release/Federal Bank Regulatory Agencies Seek Comment on Interagency Effort to Reduce Regulatory Burden — 2014-06-04

Federal Bank Regulatory Agencies Seek Comment on Interagency Effort to Reduce Regulatory Burden The federal bank regulatory agencies today published the first of a series of requests for comments to identify outdated, unnecessary, or unduly burdensome regulations imposed on insured depository institutions. The Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA) requires the Federal Financial Institutions Examination Council, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Board of Governors of the Federal Reserve System (agencies) to review regulations issued by the agencies at least every 10 years. It also requires the agencies to categorize the regulations, publish the regulations in each category for comment, report to Congress on any significant issues raised by the comments, and identify areas of regulations that are outdated, unnecessary or unduly burdensome. The agencies have divided the regulations into 12 categories.