Bank Regulators Solicit Comment on Burdensome Regulatory Requirements (Part 2)

The Federal Reserve, FDIC and OCC requested public comment on "outdated or otherwise unnecessary regulatory requirements on insured depository institutions and their holding companies."

The request for comment is the second of four notices by the banking agencies that address categories of regulations being reviewed under the Economic Growth and Regulatory Paperwork Reduction Act of 1996 ("EGRPRA"). The EGRPRA requires banking agencies to review regulatory requirements for their supervised institutions every ten years. This second notice addresses Consumer Protection; Directors, Officers and Employees; and Money Laundering. The first notice was published on February 6, 2024, and covered regulations on Applications and Reporting; Powers and Activities; and International Operations. (See previous coverage.)

The public comment period will remain open for 90 days following publication of the comment request in the Federal Register.