For the third time this year, the federal bank regulatory agencies announced a notice requesting comment on their statutorily required efforts to reduce regulatory burdens on the financial services system. The latest notice was focused on gathering comments about three categories of regulations: rules of procedure, safety and soundness, and securities.
To facilitate this review, the agencies split their regulations into 12 categories in total. The Economic Growth and Regulatory Paperwork Reduction Act of 1996 stipulates that the Federal Financial Institutions Examination Council and federal bank regulatory agencies must review their existing regulations at least once every 10 years to identify outdated or otherwise unnecessary regulatory requirements for their supervised institutions.
The agencies will request comment on regulations in the remaining categories in 2025, according to the notice.
The agencies stated they plan to hold a series of outreach meetings where interested parties may comment on applicable regulatory requirements directly to the agencies. Information about the outreach meetings will be publicized as details are finalized.
Interested stakeholders will have 90 days from publication of the notice in the Federal Register to submit comments on the relevant regulations.