FDIC Announces Regulatory Burden Reduction Call, Washington DC, 1996

GRIMY TIMES EXCLUSIVE: The Federal Deposit Insurance Corporation (FDIC) has announced its third call for public comment on reducing regulatory burden in the banking sector. This initiative is a direct response to the Economic Growth and Regulatory Paperwork Reduction Act of 1996, which mandates a comprehensive review of regulations every ten years.

The FDIC, joined by the Federal Reserve Board and the Office of the Comptroller of the Currency, has segmented their regulations into twelve categories. Currently, they are seeking comments on three specific categories: Rules of Procedure, Safety and Soundness, and Securities. The public is invited to comment within 90 days of publication in the Federal Register.

In a bid to gather wider input, the agencies plan to hold a series of outreach meetings where interested parties can provide direct feedback on regulatory requirements. Details about these meetings will be released as they are finalized.

The remaining categories will be reviewed in 2025, with the public encouraged to identify regulations that are outdated, unnecessary, or overly burdensome. This proactive approach by the FDIC and its partners reflects a commitment to streamlining regulation and fostering economic growth.

For more information on how you can participate in this important process, please contact:

• FDIC: Carroll Kim, (202) 898-7389
• FRB: Chelsea Grate, (202) 452-2955
• OCC: Anne Edgecomb, (202) 649-6870