The Federal Reserve Board, FDIC and the Office of the Comptroller of the Currency detailed an interim approach to rules and associated reporting requirements affected by the Economic Growth, Regulatory Relief, and Consumer Protection Act.
The Office of the Comptroller of the Currency ("OCC") issued a final rule to remove "outdated or otherwise unnecessary" rules with the effect of reducing regulatory burden on national banks and federal savings associations. The final amendments – effective on January 1, 2017 – are part of the OCC's decennial review of its rules as required by the Economic Growth and Regulatory Paperwork Reduction Act of 1996.
The OCC, the Board of Governors of the Federal Reserve System and the FDIC (together, the "agencies") announced that they are reviewing regulations in order to identify those that are outdated or unnecessary. The Economic Growth and Regulatory Paperwork Reduction Act of 1996 ("EGRPRA") requires that the agencies review their regulations at least every 10 years.
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