As agencies launch reg review, ICBA urges meaningful results

With the federal banking agencies launching their latest regulatory review under the Economic Growth and Regulatory Paperwork Reduction Act, ICBA urged the agencies to advance more meaningful relief than they have enacted under previous reviews.

Latest Review: In their initial request for comment, the agencies divided their regulations into 12 categories and are first soliciting comments on regulations related to applications and reporting, powers and activities, and international operations. Comments will be accepted for 90 days after publication in the Federal Register.

Background: The law requires the agencies to review their regulations every 10 years to identify outdated or otherwise unnecessary regulatory requirements. Over the next two years, the agencies will request comment on the regulations in the remaining categories and will hold outreach meetings with interested parties.

ICBA Response: In a national news release, ICBA said it was disappointed by the agencies’ 2017 EGRPRA report to Congress, in which the federal banking agencies failed to address community bank overregulation. “The nation’s community banks strongly support targeted regulatory relief for community banks and their customers to promote lending and economic growth,” ICBA President and CEO Rebeca Romero Rainey said.