Banking Regulators Kick Off the Newest Round of Identifying Overly Burdensome Regulations


The OCC, FDIC, and Federal Reserve published in the Federal Register yesterday their first notice requesting comment on their regulations pursuant to the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA). EGRPRA requires the agencies to review their regulations every 10 years to identify outdated, unnecessary, or unduly burdensome regulations applicable to insured depository institutions. To facilitate this review, the agencies divided their regulations into 12 subject-matter categories and identified the regulations in each category. Right now, they are requesting comments on agency regulations in the Applications and Reporting, Powers and Activities, and International Operations categories. Comments on these rules are due May 6. Over the next two years, the agencies will publish three more Federal Register notices, each addressing one or more categories, and ask members of the public to identify the regulations in each category that they believe are outdated, unnecessary, or unduly burdensome for insured depository institutions. The agencies will also hold a series of outreach meetings to provide interested parties with an opportunity to comment on regulatory burden reduction directly to staff members and senior management of the agencies. Click here to view the charts OBL has supplied of the current regulations the agencies are invited comment on by May 6th. We encourage all members to look at the list and provide feedback to Evan Kleymeyer on the specific regulations impacting your bank.