Comments from the public on certain federal banking rules and regulations that are under review now, with regulators focusing on whether they are outdated or unnecessary, are due to regulators by March 11, according to a notice in Wednesday’s Federal Register.
The Federal Deposit Insurance Corp. (FDIC), Federal Reserve Board, and Office of the Comptroller of the Currency (OCC) on Dec. 3 announced the third part of their four-part regulatory review under the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) of 1996. The statute requires such review at least every 10 years to identify outdated or otherwise unnecessary regulatory requirements imposed on insured depository institutions.
This third round in the banking agencies’ current review focuses on three categories of regulations: rules of procedure, safety and soundness, and securities.
“The agencies invite the public to identify outdated, unnecessary, or unduly burdensome regulatory requirements imposed on insured depository institutions and their holding companies in these three categories,” the notice states.
The fourth part of the current review is anticipated in 2025. The two already initiated have covered applications and reporting; powers and activities; international operations, consumer protection; directors, officers and employees; and money laundering.
While only the three federal banking regulators are required by law to participate in this review, the National Credit Union Administration (NCUA) has elected to also participate.
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