On July 25, 2024, the FDIC, the FRB, and the OCC issued a notice requesting comment to reduce regulatory burden. The Economic Growth and Regulatory Paperwork Reduction Act of 1996 requires the Federal Financial Institutions Examination Council (FFIEC) and federal bank regulatory agencies to review their regulations every 10 years to identify outdated or otherwise unnecessary regulatory requirements for their supervised institutions.
According to the FDIC’s press release, the agencies divided their regulations into 12 categories to facilitate the review. The agencies are initially soliciting comments on their regulations in three categories:
Consumer Protection;
Directors, Officers, and Employees; and
Money Laundering.
The public is requested to comment on the regulations and identify those they believe are outdated, unnecessary, or unduly burdensome. The public will have 90 days from publication in the Federal Register to comment on the relevant regulations. For the remaining categories, the agencies will request comment on regulations over the next two years.
Read the FDIC’s announcement here.
The Request for Comments can be found here.