The Federal Reserve, FDIC and Office of the Comptroller of the Currency today published the third in a series of requests for public comment on reducing the regulatory burden for financial institutions. The first two requests were published earlier this year.
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Institutions Examination Council and bank regulators to review their regulations every 10 years to identify any outdated or otherwise unnecessary regulatory requirements for their supervised institutions.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 third round, the agencies are soliciting comments on regulations in three categories: rules of procedure, safety and soundness, and securities.
The public has 90 days from publication of the notice in the Federal Register to comment on the relevant regulations. The American Bankers Association has sent two letters to the agencies urging them to use the review process to provide meaningful relief for banks.
