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OCC, FRB, FDIC Solicit Comment to Identify Unnecessary Regulations

The OCC, FRB and FDIC requested comment on a set of rules as part of a process to identify "outdated" or "unnecessary" regulatory requirements on insured depository institutions and their holding companies.

As required by the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA), the agencies began the process of reviewing the rules by dividing the regulations into 12 categories. The agencies said that over the next two years they will request comment on these rules within these categories.

As published in the Federal Register, the agencies requested comment on the first three categories: Applications and Reporting, Powers and Activities and International Operations. The agencies invited comment on (i) the need and purpose of the regulation, (ii) overarching approaches and flexibilities, (iii) cumulative effects, (iv) effects on competition, (v) reporting, recordkeeping and disclosure, (vi) the type of institution, (vii) the clarity of the rule, (viii) impact to community banks and other small, insured depository institutions and (ix) scope.

Comment for this first set of rules must be submitted by May 6, 2024.

 

 

Primary Sources

  1. Federal Register: Regulatory Publication and Review Under the Economic Growth and Regulatory Paperwork Reduction Act of 1996
  2. Federal Financial Institutions Examination Council: Economic Growth and Regulatory Paperwork Reduction Act
  3. FRB: Press Release: Federal bank regulatory agencies seek comment on interagency effort to reduce regulatory burden
  4. FDIC: Press Release: Federal Bank Regulatory Agencies Seek Comment on Interagency Effort to Reduce Regulatory Burden
  5. OCC: Press Release: Federal Bank Regulatory Agencies Seek Comment on Interagency Effort to Reduce Regulatory Burden

Tags

Regulated Activities
Activity Limits Cross-Border Regulatory Reporting
Regulated Entities
Banking Entities Banking Organizations Regulatory Agencies
Body of Law
Banking Law
Jurisdiction
US - Federal
Organization
US Banking Regulators
Sub-Author
Comptroller, FDIC, Federal Reserve Board