Federal Bank Regulatory Agencies Seek Comment on Interagency Effort to Reduce Regulatory Burden.
WASHINGTON DC (STL.News): The federal bank regulatory agencies published the first of a series of requests for comment to reduce regulatory burden. The Economic Growth and Regulatory Paperwork Reduction Act of 1996 requires the Federal Financial Institutions Examination Council and federal bank regulatory agencies to review their regulations every ten years to identify outdated or unnecessary regulatory requirements for their supervised institutions.
To facilitate this review, the agencies divided their regulations into 12 categories and first solicited comments in three categories: Applications and Reporting, Powers and Activities, and International Operations.
The public has 90 days from publication in the Federal Register to comment on the relevant regulations.
Over the next two years, the agencies will request comments on the regulations in the remaining categories, asking the public to identify regulations they believe are outdated, unnecessary, or unduly burdensome.
The agencies also plan to hold outreach meetings where interested parties may come directly to the agencies on applicable regulatory requirements. Information about the outreach meetings will be publicized as details are finalized.