WASHINGTON – In a shocking move, the Federal Deposit Insurance Corporation (FDIC), Federal Reserve Board, and Office of the Comptroller of the Currency (OCC) have been accused of overstepping their bounds in a brazen attempt to reduce regulatory burden.
The agencies, led by the FDIC, have been quietly reviewing their regulations, attempting to identify and eliminate outdated, unnecessary, or unduly burdensome requirements for their supervised institutions. But critics claim this is just a smokescreen for a larger plot to undermine the very fabric of our financial system.
Under the Economic Growth and Regulatory Paperwork Reduction Act, the agencies are required to review their regulations every 10 years to ensure they are not unduly burdensome. But instead of simply following the law, the agencies have taken it upon themselves to rewrite the rules to suit their own interests.
The agencies have divided their regulations into 12 categories and are seeking public comment on the remaining three categories: Banking Operations, Capital, and the Community Reinvestment Act. But critics say this is just a farce, designed to placate the public while the agencies continue to push their own agenda.
The FDIC, under the leadership of Carroll Kim, has been at the forefront of this effort, soliciting comments from the public while simultaneously pushing for the elimination of regulations that would stifle the growth of the financial industry.
But not everyone is buying what the agencies are selling. “This is just another example of regulatory overreach,” said a source close to the matter. “The agencies are trying to silence critics and push through their own agenda without any real public input.”
The agencies will hold outreach meetings where interested parties can comment on applicable regulatory requirements directly to the agencies. But with the clock ticking, critics say it’s too little, too late. “The public has 90 days to comment, but by the time they do, the damage will already be done,” said the source.
As the controversy continues to simmer, one thing is clear: the regulatory agencies are not above the law. And it’s up to the public to hold them accountable.
For more information, contact Carroll Kim at (202) 898-7389 or Chelsea Grate at (202) 452-2955. You can also visit the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) website for more information.
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Key Facts
- Agency: FDIC
- Category: Public Corruption
- Source: Official Source â†â€â€ÂÂ
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