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Regulatory Roundup: Agencies seek comments on reducing regulatory burden

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Banking, Government Oversight, Industry Regulation
Tuesday, February 6, 2024

Financial institutions often note concerns about compliance burdens associated with federal regulations in letters to Congress advocating changes to applicable laws and to the agencies charged with crafting their implementing regulations.

Federal banking agencies recently put out a statutorily required call for comments on what they can do to ease regulatory burdens for supervised entities.

Learn more about that, as well as other recent developments announced by federal agencies below:

Agencies seek comments on reducing regulatory burden

Federal banking regulators announced the first in a planned series of requests for feedback on how federal regulatory agencies can reduce burdens on the financial marketplace. The Economic Growth and Regulatory Paperwork Reduction Act of 1996 requires the Federal Financial Institutions Examination Council (FFIEC) and federal bank regulatory agencies to review their regulations every 10 years to identify any outdated or otherwise unnecessary regulatory requirements for their supervised institutions.

The agencies divided their regulations into 12 categories, three of which will be subject to the first round of solicited feedback. These categories are: Applications and Reporting, Powers and Activities and International Operations. Comments on the relevant regulations will be accepted for 90 days after publication in the Federal Register. More information can be found here.

FHFA reports 6.6 percent uptick in home price index

The Federal Housing Finance Agency (FHFA) recently reported a year-over-year increase in U.S. home prices. The agency’s seasonally adjusted monthly House Price Index (HPI) indicated that house prices rose 6.6 percent from November 2022 to November 2023. The 0.3 percent price increase in October remained unchanged. For the nine census divisions considered by the index, seasonally adjusted monthly price changes from October 2023 to November 2023 ranged from -0.2 percent in the New England division to +0.7 percent in the Mountain division. The 12-month changes ranged from +3.1 percent in the West South Central division to +9.8 percent in the New England division. Learn more here.

FDIC releases latest CRA examination list

The Federal Deposit Insurance Corp. (FDIC) issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in November 2023. Twelve financial institutions across nine states are represented on the list, which can be found here.

GAO issues 2024 ‘Yellow Book,’

The U.S. Government Accountability Office (GAO) recently issued its 2024 revision of Government Auditing Standards, also known as the Yellow Book. Commonly referred to as generally accepted government auditing standards (GAGAS), these standards provide a framework that auditors around the world use to perform high-quality audit work when reviewing government programs and spending. The updates include: a change in approach from quality control to quality management; a risk-based process for achieving the objectives of quality management; provisions for optional engagement quality reviews of GAGAS engagements; and application guidance on key audit matters for financial audits. Learn more here.

Today's other top stories
Powell testifies to Congress about trade policy impacts on interest rates
CFPB outlines new approach to criminal enforcement referrals
How changing consumer behavior has led to a ‘new normal’ in credit scoring
Banking agencies seek feedback on capital standards revisions
Trades signal support for modernized payments, bond programs


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