Joint Release/Federal Banking Agencies Seek Comment on Interagency Effort to Reduce Regulatory Burden — 2015-12-17

Federal Banking Agencies Seek Comment on Interagency Effort to Reduce Regulatory Burden The federal banking agencies approved a notice requesting comment on the fourth and final set of regulatory categories as part of their review to identify outdated or unnecessary regulations applied to insured depository institutions.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 Federal Reserve Board to review their regulations at least every 10 years. The agencies also are required to categorize and publish the regulations for comment, and submit a report to Congress that summarizes any significant issues raised by the comments and the relative merits of such issues. The agencies have divided their regulations into 12 categories and have requested comments for nine categories.