On June 4, the Fed, FDIC and OCC (“The Agencies”) published the first of several requests for comments to identify “outdated, unnecessary or unduly burdensome regulations imposed on insured depository institutions.”
The Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA) requires the federal banking regulators to review regulations issued by the agencies at least every 10 years. It also requires the regulators to break down the regulations by category, present each category for comment and identify areas of regulations that are outdated, unnecessary or unduly burdensome.
The first notice seeks comment on regulations from three categories: Applications and Reporting; Powers and Activities, and International Operations. The public will have until September 2, 2014, to review and comment on this first set of categories.
The agencies plan to schedule roundtable discussions with bankers and interested parties and will publish details about these sessions on the EGRPRA website as they are finalized.