The Federal Reserve, FDIC and Office of the Comptroller of the Currency today published the first in a series of requests for public comment on reducing the regulatory burden for financial institutions. The Economic Growth and Regulatory Paperwork Reduction Act requires the Federal Financial Institutions Examination Council and bank regulators to review their regulations every 10 years to identify any outdated or otherwise unnecessary regulatory requirements for their supervised institutions.
As part of the review, the agencies divided their regulations into 12 categories. They are first soliciting comments on regulations in just three categories: applications and reporting, powers and activities, and international operations. The public has 90 days from publication of the notice in the Federal Register to comment on the relevant regulations.
Over the next two years, the agencies will request comment on the regulations in the remaining categories, asking the public to identify regulations they believe are outdated, unnecessary or unduly burdensome. They also plan to hold outreach meetings.