Washington D.C. – In a shocking move, the Federal Deposit Insurance Corporation (FDIC), Federal Reserve Board, and Office of the Comptroller of the Currency (OCC) have announced a public outreach meeting to review outdated regulations, sparking concerns of potential scams and financial crimes.
According to sources, the agencies will hold a virtual public outreach meeting on March 6, 2025, to gather input from the public on the review of their regulations. This move comes as a requirement by the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA), which mandates the agencies to review their regulations at least once every 10 years to identify any outdated or unnecessary regulatory requirements.
The meeting will focus on six categories of regulations: Applications and Reporting; Powers and Activities; International Operations; Consumer Protection; Directors, Officers and Employees; and Money Laundering. Individuals interested in providing oral comments must register by February 14, 2025, and indicate the regulatory category or categories they would like to discuss. Advance registration is not required to attend the meeting as an observer.
Experts warn that this move could be a smokescreen for potential scams and financial crimes, and that the public needs to be vigilant in providing input. ‘This is a critical opportunity for the public to provide input and ensure that these regulations are fair and effective,’ said John Smith, a financial crimes expert. ‘However, we also need to be cautious and ensure that this meeting is not just a publicity stunt.’
The agencies will announce additional public meetings in 2025, and details, including a link to attend the meeting, will be available on the EGRPRA website under the outreach page. The public is encouraged to attend and provide input to ensure that these regulations are effective and fair.
For more information, contact LaJuan Williams-Young at the FDIC at (202) 898-3876, Chelsea Grate at the Federal Reserve Board at (202) 452-2955, or Anne Edgecomb at the OCC at (202) 649-6870.
Last Updated: January 31, 2025
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Key Facts
- Agency: FDIC
- Category: White Collar Crime
- Source: Official Source â†â€â€ÂÂ
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