The many requirements of the Dodd-Frank Act, and international Basel III accord, added to a lengthy list of existing requirements, give banks an ever-growing list of regulations to abide by. They will soon have the chance to tell regulators which of the many rules that govern them are the most burdensome and, in their eyes, unnecessary.
This week, the federal bank regulators published the first of a series of public comment requests with the goal of identifying outdated, unnecessary, or unduly burdensome rules.The Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA), passed in 1996, requires the Federal Financial Institutions Examination Council, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Federal Reserve to review their regulations at least every 10 years.They are required to categorize their regulations, publish each category for comment, and report to Congress on any significant issues raised by those comments that may require legislative action.
