Federal Agencies Under Fire for Regulatory Reforms, Washington DC, …

The Federal Deposit Insurance Corporation (FDIC), along with the Federal Reserve Board and the Office of the Comptroller of the Currency, has issued a joint release announcing their second notice seeking public comment on efforts to reduce regulatory burden. This move is in line with the Economic Growth and Regulatory Paperwork Reduction Act of 1996, which requires federal bank regulatory agencies to review their regulations every decade.

The agencies have divided their regulations into twelve categories, with this latest call for comments focusing on three: Consumer Protection; Directors, Officers, and Employees; and Money Laundering. The public has 90 days from the publication in the Federal Register to submit their feedback.

In a bid to facilitate a thorough review, the agencies will also hold outreach meetings where interested parties can voice their concerns directly to the regulatory bodies. Details regarding these meetings will be released as they are finalized.

The Economic Growth and Regulatory Paperwork Reduction Act website provides further information on the ongoing efforts. Individuals seeking more details or wishing to comment can contact the FDIC at (703) 470-0201, the Federal Reserve Board at (202) 452-2955, or the Office of the Comptroller of the Currency at (202) 649-6870.

This announcement marks a significant step in the ongoing conversation surrounding regulatory burden and its impact on financial institutions. With public input, the agencies hope to identify outdated or unnecessary regulations that could be streamlined, ultimately easing the load for supervised institutions across the nation.