Agencies Begin Third Phase of Expanded EGRPRA Review

The Federal Reserve, FDIC and OCC on Friday launched the third round of comments in the decennial Economic Growth and Regulatory Paperwork Reduction Act review cycle, which is mandated by Congress in order to identify bank regulations that are outdated, unnecessary or burdensome.

The third phase of four will cover regulations related to consumer protection; money laundering; and directors, officers and trustees. Comments are due 90 days after the request is published in the Federal Register.

The request for comment repeated the agencies’ intention to seek comments on newly issued rules, such as those issued under the Dodd-Frank Act and the Basel III capital rules, which it had previously excluded from the EGRPRA review. The agencies said they would seek comments on these newly listed rules by the end of the year. For more information, or to participate in ABA’s comment letter, contact ABA’s Shaun Kern.