Joint Release/Federal Bank Regulatory Agencies Seek Further Comment on Interagency Effort to Reduce Regulatory Burden — 2015-05-29

Federal Bank Regulatory Agencies Seek Further Comment on Interagency Effort to Reduce Regulatory Burden The federal bank regulatory agencies on Friday approved a notice requesting comment on a third set of regulatory categories as part of their review to identify outdated or unnecessary regulations applied to insured depository institutions.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 Board of Governors of the Federal Reserve System 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 requested comments for six sets of categories.