Federal Banking Regulators Request Further Comment on Interagency Effort to Reduce Regulatory Burden

As part of a review to identify outdated or unnecessary regulations, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the Board of Governors of the Federal Reserve System (collectively, the "Federal Banking Regulators") requested public comment on certain categories of regulations that apply to insured depository institutions. The Economic Growth and Regulatory Paperwork Reduction Act of 1996 requires that the Federal Banking Regulators conduct a review of and identify such categories every 10 years.

Specifically, the Federal Banking Regulators sought comment on regulations in the following three categories: consumer protection; directors, officers and employees; and money laundering. The Federal Banking Regulators previously sought comment on six other categories of regulations, and will be seeking comment on three additional categories in the near future.

See: Request for Comment; FDIC Press Release.Related news: Federal Banking Regulators Request Comment on Interagency Effort to Reduce Regulatory Burden (Fed. Reg.) (February 20, 2015).