The Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA) requires that regulations prescribed by the Federal Financial Institutions Examination Council, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Board of Governors of the Federal Reserve System be reviewed by the agencies at least once every 10 years.
The purpose of this review is to identify outdated, unnecessary, or unduly burdensome regulations and consider how to reduce regulatory burden on insured depository institutions while, at the same time, ensuring their safety and soundness and the safety and soundness of the financial system.
The second EGRPRA review is underway, and we invite you to participate. This review provides an opportunity for the public to consider and comment on these regulations, individually and as a whole. The final report from the first EGRPRA review was submitted to the Congress in 2007.
The National Credit Union Administration is conducting a review of its regulations at the same time and in a manner consistent with the EGRPRA review. The Consumer Financial Protection Bureau is required to review its significant regulations and publish a report of its review five years after the regulations take effect, in a process separate from EGRPRA.