The Federal Reserve, FDIC and Office of the Comptroller of the Currency today published the second in a series of requests for public comment on reducing the regulatory burden for financial institutions. The first request was published in February.
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Institutions Examination Council and bank regulators to review their regulations every 10 years to identify any outdated or otherwise unnecessary regulatory requirements for their supervised institutions.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 a two-year review, the agencies divided their regulations into 12 categories. For the second round, the agencies are soliciting comments on regulations in three categories: consumer protection; directors, officers and employees; and money laundering.
The public has 90 days from publication of the notice in the Federal Register to comment on the relevant regulations. The agencies also announced a Sept. 25 virtual meeting to take comments. Individuals interested in providing oral comments must register by Aug. 9 and indicate the regulatory category they would like to discuss. Advanced registration is not required for observers.
The American Bankers Association in May sent a letter outlining several “big picture” recommendations for banking agencies as they conduct the congressionally mandated review.
