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Bank Regulators Face Heat for Outdated Rules, Washington D.C., 2025
In a move to shed light on outdated banking regulations, the Federal Deposit Insurance Corporation (FDIC), Federal Reserve Board, and Office of the Comptroller of the Currency (OCC) are holding a public outreach meeting on March 6, 2025.
The meeting is part of a review of regulations, as required by the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA). The law mandates that the agencies review their regulations every 10 years to identify any outdated or unnecessary requirements.
Stakeholders will have the opportunity to present their views on six categories of regulations: Applications and Reporting; Powers and Activities; International Operations; Consumer Protection; Directors, Officers and Employees; and Money Laundering. Interested individuals must register by February 14, 2025, to provide oral comments.
The agencies will notify those selected to provide comments, and additional details, including a link to attend the meeting, will be available on the EGRPRA website. This meeting is just the beginning, with more public meetings planned for 2025.
The public outreach meeting is a chance for regulators to get a pulse on the banking industry and make necessary changes. ‘We want to hear from the public,’ said LaJuan Williams-Young, FDIC spokesperson. ‘Their input will help us create a more efficient and effective regulatory environment.’
The review of regulations is a crucial step in maintaining a healthy and competitive banking industry. By identifying and addressing outdated requirements, regulators can help banks focus on serving their customers and the economy.
Contact: LaJuan Williams-Young, FDIC, (202) 898-3876; Chelsea Grate, FRB, (202) 452-2955; Anne Edgecomb, OCC, (202) 649-6870.
Last updated: January 31, 2025.
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