A rule regarding fair lending data was rescinded, and another amended related to licensing requirements for community banks, by the national bank regulator Tuesday which said the aim of both was to reduce regulatory burden.
The Office of the Comptroller of the Currency (OCC) said the former action would rescind its Fair Housing Home Loan Data System regulation. The agency said the rescission removes “obsolete and largely duplicative data collection requirements on applications for home loans” applying only to national banks.
“The final rule eliminates regulatory burden for these institutions without having a material impact on the availability of data necessary for the OCC to conduct its fair housing-related supervisory activities,” the agency said in a release.
For the latter action, the OCC said it simplified licensing requirements for corporate activities and transactions involving community banks. The agency said the action “broadens eligibility for expedited or reduced filing procedures to community banks” and that “these changes are intended to reduce burden related to corporate activities and transactions by community banks.”
Both actions are final rules; both take effect 30 days after publication in the Federal Register.
Comptroller Jonathan V. Gould said the impetus for the final rules was the “proliferation of a one-size-fits-all supervisory framework” that he asserted resulted in the number of community banks nationwide being reduced by half.
“As Comptroller, I’ve prioritized addressing the challenges of community banks by streamlining regulation and tailoring supervision,” Gould said in a statement. “Today’s actions execute on meaningful reforms as we continue working to help these institutions best serve the American people on a level playing field.”
OCC Issues Final Rules to Reduce Regulatory Burden for Community Banks
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