ICBA called on federal regulators to take meaningful action to address excessive regulatory burdens on community banks under the agencies’ latest Economic Growth and Regulatory Paperwork Reduction Act review.

ICBA Comments: Responding to the first of four requests for comment on the latest review, ICBA said the agencies should:

  • Take this new EGRPRA review more seriously than previous reviews.

  • Hire an independent outside consultant to quantify the regulatory burden on community banks.

  • Hold at least two livestreamed outreach meetings in every region of the country.

  • Set up an EGRPRA.gov website.

  • Designate an overall director of the current EGRPRA review.

  • Review past regulatory assessments under the Paperwork Reduction Act and the Regulatory Flexibility Act.

  • Simplify the call report, streamline the de novo bank applications, update the Small Bank Holding Company Policy Statement, and expedite procedures under the Bank Merger Act.