Federal bank regulatory agencies seek comment on interagency effort to reduce regulatory burden

Federal Issues FDIC OCC Federal Reserve

On February 6, the FDIC, Fed, and OCC initiated a series of requests for public comment aimed at reducing regulatory burden on supervised institutions. This effort is mandated by the Economic Growth and Regulatory Paperwork Reduction Act of 1996, which required a review of regulations every 10 years. The agencies have divided regulations into 12 categories, with the first round focusing on three categories: Applications and Reporting, Powers and Activities, and International Operations. The public has 90 days to comment on the regulations in these categories. Over the next two years, the agencies will seek public feedback on more, remaining categories to identify regulations that are outdated, unnecessary, or unduly burdensome. Additionally, outreach meetings will be held to allow interested parties to provide direct input on regulatory requirements. Further details about these meetings will be shared as they are finalized.