The Federal Reserve, FDIC and Office of the Comptroller of the Currency today published the fourth in a series of requests for public comment on reducing the regulatory burden for financial institutions. The first three requests were published last 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Institutions Examination Council and bank regulators to review their regulations every 10 years to identify any outdated or otherwise unnecessary regulatory requirements for their supervised institutions.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 fourth and final round, the agencies are soliciting comments on regulations in three categories: Banking operations, capital and the Community Reinvestment Act.
The public has 90 days from publication of the notice in the Federal Register to comment on the relevant regulations.
