To All Depository Institutions and Others Concerned in the Second Federal Reserve District:
The Federal Reserve Board, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation and Office of Thrift Supervision (Agencies) are reviewing their regulations to identify outdated, unnecessary, or unduly burdensome regulatory requirements pursuant to the Economic Growth and Regulatory Paperwork Reduction Act of 1996. The Agencies request comments and suggestions on ways to reduce burden in rules that are categorized as Consumer Protection: Account/Deposit Relationships and Miscellaneous Consumer Rules, consistent with the statutory obligations.
The agencies invite comment on the following issues: Whether statutory changes are needed; whether the regulations contain requirements that are not needed to serve the purposes of the statutes they implement; the extent to which the regulations may adversely affect competition; the cost of compliance associated with reporting, recordkeeping, and disclosure requirements, particularly on small institutions; whether any regulatory requirements are inconsistent or redundant; and whether any regulations are unclear.
The Agencies will analyze the comments and propose burden-reducing changes to the regulations where appropriate.
Legal and Compliance Risk Department