Press Release
☷Federal bank regulatory agencies seek comment on interagency effort to reduce regulatory burden
Federal Reserve System ( By Press Release office)
Feb 07,2024
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The federal bank regulators announced today that they ' re starting to ask for comments to reduce the burden of regulations . According to a law from 1996 , they need to review their rules every 10 years and get rid of any that are outdated or unnecessary for the banks they oversee . To help with this review , they ' ve divided the rules into 12 categories and are now seeking comments on three of them: Applications and Reporting , Powers and Activities , and International Operations . They ' ll accept comments for 90 days after publishing them in the Federal Register . Over the next couple of years , they ' ll ask for comments on the remaining categories and they want the public to point out any rules they think are outdated or too burdensome . They also plan to hold meetings where people can directly comment on the rules . They ' ll release more information about these meetings soon .
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