U.S. bank regulators are looking for ways to cut the regulatory burden on banks by identifying rules that are outdated, unnecessary, or excessively burdensome.
The U.S. Federal Reserve Board, along with the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corp. (FDIC), published the first in a planned series of requests for comment that aim to sniff out rules that represent a source of needless burden. U.S. regulators are required to review their rules every 10 years.
The agencies have divided their regulations into 12 categories. And, over the next two years, they will jointly publish notices for comment that address these various categories. The first notice seeks comment on three categories: applications and reporting; powers and activities, and international operations. Input on these various rules is sought by September 2.
The regulators also plan to schedule roundtable discussions with bankers and others and will publish details about these sessions as they are finalized.