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The federal bank regulatory agencies announced the third notice requesting comment to reduce regulatory burden as required by the Economic Growth and Regulatory Paperwork Reduction Act of 1996.
Details: The agencies are now soliciting comments on their regulations for rules of procedure, safety and soundness, and securities. The public has 90 days from publication in the Federal Register to comment on the relevant regulations.
Outreach Meetings: The agencies also said they will hold a series of outreach meetings where interested parties may comment on applicable regulatory requirements directly to the agencies.
Recent ICBA Letter: ICBA recently commended the federal banking agencies for hosting a virtual community banker outreach meeting for their second comment period under the current EGRPRA review and called for at least three more virtual meetings.
Virtual Meeting: During the Sept. 25 interagency meeting, ICBA Past Chairman Brad Bolton and ICBA Safety and Soundness Committee Chairman Ken Hale cited excessive regulatory burdens from anti-money-laundering regulations, the Consumer Financial Protection Bureau’s 1071 and 1033 rules, the call report, capital requirements, and more.
Background: EGRPRA requires the federal banking agencies to review their regulations every 10 years to identify outdated, unnecessary, or unduly burdensome regulations, allowing community bankers to articulate concerns with regulatory burden and its impact on local communities.