SIFMA and FSR Submit Comments to Banking Agencies Regarding 10-Year Review of Existing Regulations

SIFMA and the Financial Services Roundtable ("FSR") submitted comments to the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the FDIC (collectively referred to as "the Agencies") regarding the Agencies' decennial review of existing regulations pursuant to the Economic Growth and Regulatory Paperwork Reduction Act.

In the letter, SIFMA and the FSR recommended that the scope of the review be expanded to include Consumer Financial Protection Bureau regulations. Additionally, the letter outlined "guiding principles" for the Agencies to apply when conducting the review, which included:

• whenever possible, the agencies should look for opportunities to incentivize good behavior;
• regulations implemented by multiple agencies should have uniform definitions and standards and should avoid duplication and overlap;
• all regulations should be written clearly; and
• cost effective regulations should be implemented with benefits to end users and institutions.

See: Comment Letter.