Economic Growth and Regulatory Paperwork Reduction Act of 1996: Regulatory Review to Identify Outdated, Unnecessary, or Unduly Burdensome Regulations

Summary

On August 1, 2024, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) published in the Federal Register their second notice requesting comment on their regulations pursuant to the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA). EGRPRA requires the agencies to review their regulations every 10 years to identify outdated, unnecessary, or unduly burdensome regulations applicable to insured depository institutions. To facilitate this review, the agencies divided their regulations into 12 subject-matter categories and identified the regulations in each category. This notice requests comments on agency regulations in the Consumer Protection; Directors, Officers, and Employees; and Money Laundering categories. Comments on these rules are due October 30, 2024.

Over the next two years, the agencies will publish two more Federal Register notices, each addressing one or more categories of regulations, and ask members of the public to identify the regulations in each category that they believe are outdated, unnecessary, or unduly burdensome for insured depository institutions. The agencies will also hold a series of outreach meetings to provide interested parties with an opportunity to comment on regulatory burden reduction directly to staff members and senior management of the agencies. More information about these outreach meetings will be available soon.

Highlights

• The agencies are soliciting comments on their regulations related to Consumer Protection; Directors, Officers, and Employees; and Money Laundering.
• Comments may be submitted through the agencies’ EGRPRA website, http://egrpra.ffiec.gov. Additional methods of commenting are discussed in the Federal Register notice.
• To aid commenters, the notice includes a chart identifying the rules on which the agencies are currently seeking comment.
• This notice provides a 90-day comment period, with comments due October 30, 2024.

Further Information

Please contact Allison Hester-Haddad, Special Counsel, Daniel Amodeo, Counsel, or John Cooper, Counsel, Chief Counsel’s Office at (202) 649-5490.

Theodore J. Dowd II
Acting Senior Deputy Comptroller and Chief Counsel

Related Links

• Regulatory Publication and Review Under the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (PDF)