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Board of Governors of the Federal Reserve System
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Federal Reserve Board of Governors

Joint Press Release

Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
For release at 11:00 a.m. EST
February 20, 2015

Federal Bank Regulatory Agencies Seek Comment on Interagency Effort to Reduce Regulatory Burden

The federal bank regulatory agencies requested comment on a second set of regulatory categories as part of their review to identify outdated or unnecessary regulations applied to insured depository institutions.

The Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA) requires the Federal Financial Institutions Examination Council, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Board of Governors of the Federal Reserve System to review their regulations at least every 10 years. The agencies also are required to categorize and publish the regulations for comment, and submit a report to Congress that summarizes any significant issues raised by the comments and the relative merits of such issues.

The agencies have divided their regulations into 12 categories and requested comments in June 2014 for three categories. The second notice was published February 13 seeking comment on regulations in three additional categories: banking operations; capital; and the Community Reinvestment Act. Comments will be accepted until May 14, 2015. Over the next year, the agencies will jointly publish two additional Federal Register notices. Although each notice seeks comment on three specific categories, comments on any of the 12 categories will be accepted by the agencies.

The agencies also are holding a series of outreach meetings with financial institutions and interested parties to gather additional views. Information about these meetings is available on the EGRPRA website.

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Media Contacts:
Federal Reserve Eric Kollig (202) 452-2955
OCC Bryan Hubbard (202) 649-6870
FDIC LaJuan Williams-Young (202) 898-3876
Last update: February 20, 2015