The fourth notice in a process of regulatory review under the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) was issued by federal banking regulators with a 90-day comment period attached.
The aim of the review is to identify areas of regulations that are outdated, unnecessary, or unduly burdensome, the agencies said.
In their draft Federal Register notice released this week, the Federal Deposit Insurance Corp. (FDIC), Federal Reserve Board, and Office of the Comptroller of the Currency (OCC) invited input from the public for three remaining categories in this once-every-10-years review, plus a bit more:
- banking operations,
- capital,
- the Community Reinvestment Act (CRA), and
- agency rules issued in final form, “including those covered by the three prior documents.”
Section 2222 of EGRPRA, they said, requires that the Federal Financial Institutions Examination Council (FFIEC) and the banking agencies conduct a review of their regulations “not less frequently than once every 10 years” to identify outdated or otherwise unnecessary regulatory requirements imposed on insured depository institutions. It said the FFIEC and the agencieswill (a) categorize their regulations by type and (b) at regular intervals, provide notice and solicit public comment on categories of regulations.
To facilitate this review, the agencies divided their regulations into 12 categories, nine of which have been addressed over three previous notices. Comments on this latest notice will be due 90 days following its publication in the Federal Register.
While not required under EGRPRA, the National Credit Union Administration (NCUA) has also announced its own regulatory review to identify rules that may be “outdated, unnecessary, and unduly burdensome.”
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