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Tuesday, February 24, 2015

Bank Regulators Seek Comment on Outdated Rules

By ABIA Outside Counsel, McIntyre & Lemon, PLLC

Federal bank regulatory agencies requested comment on a second set of regulations as part of their review to identify outdated or unnecessary rules.

“The Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA) requires the . . . Office of the Comptroller of the Currency [OCC], Federal Deposit Insurance Corporation [FDIC], 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.”