This article has been updated to include a link to a Federal Register notice on the EGRPRA review of rules.
A virtual public outreach meeting to review federal banking regulation, with the aim of reducing “regulatory burden,” is set for Sept. 25, the regulators announced Thursday.
The meeting is being sponsored by the federal banking regulators as part of their required review of their regulations as least once every 10 years. The review is mandated by the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA). The review is intended to “identify any outdated or otherwise unnecessary regulatory requirements applicable to their supervised institutions,” according to a joint release by the agencies.
“The outreach meeting is an opportunity for interested stakeholders to present their views on the six categories of regulations listed in the first two Federal Register notices: applications and reporting; powers and activities; international operations; consumer protection; directors, officers and employees; and money laundering,” the agencies said.
The EGRPRA review divides agency regulations into 12 categories; the agencies said they are now soliciting comments on their regulations in three categories: Consumer Protection; Directors, Officers, and Employees; and Money Laundering.
Over the next two years, the agencies will request comment on regulations in the remaining categories, asking the public to identify the regulations they believe are outdated, unnecessary, or unduly burdensome.
Public comments on the review are due Oct. 30, according to the Federal Register. Individuals interested in providing oral comments at the September meeting must register by Aug. 9 and indicate the regulatory category they would like to discuss, the agencies said.
Agencies announce public outreach meeting as part of their review of regulations
Federal bank regulatory agencies seek comment on interagency effort to reduce regulatory burden