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Federal banking regulators formally issued their second request for comment under the latest Economic Growth and Regulatory Paperwork Reduction Act regulatory review.
Details: The latest request seeks comments on regulations concerning consumer protection; directors, officers, and employees; and money laundering. Comments are due October 30 and may be submitted on the agencies’ EGRPRA site.
Virtual Outreach Meeting: In announcing the request for comment last week, the regulators said they will hold an ICBA-advocated virtual public outreach meeting on Wednesday, Sept. 25, as part of the EGRPRA review. ICBA encourages community bankers interested in providing oral comments to register by next Friday’s deadline.
ICBA Response: In a national news release following last week’s announcement, ICBA commended regulators for heeding ICBA’s calls to hold a livestreamed public meeting as part of the current EGRPRA review. ICBA said in a comment letter earlier this year that regulators should invite community bankers to actively participate.
Previous Comments: In addition to calling for virtual meetings in its comments earlier this year, ICBA called on federal regulators to hire an outside consultant to quantify the regulatory burden on community banks and designate an overall director of the current EGRPRA review process, among other meaningful action.
Background: EGRPRA requires the agencies to review their regulations every 10 years to identify outdated, unnecessary, or unduly burdensome regulations applicable to insured depository institutions. The agencies will publish two more Federal Register notices over the next two years.