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Economic Growth and Regulatory Paperwork Reduction Act

Economic Growth and Regulatory Paperwork Reduction Act

The Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA) requires that regulations prescribed by the Federal Financial Institutions Examination Council (FFIEC), Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), and Board of Governors of the Federal Reserve System (FRB) be reviewed by the agencies at least once every 10 years. A joint report of the findings is issued to Congress after each review.

Purpose

The purpose of this review is to identify, with input from the public, outdated, unnecessary, or unduly burdensome regulations and consider how to reduce regulatory burden on insured depository institutions, while, at the same time,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.

How it Works

The three federal banking agencies have organized their regulations into categories and four separate, sequential commenting periods to make the review cycle more manageable. Instead of accepting comments on all regulations at once, the agencies agreed to the categories of regulations that should be shared for review during each cycle and have posted those categories on our Regulations Under Review webpage.

History

The 2024 start marks the third iteration of the EGRPRA review, and findings from the previous cycles are available in the Reports to Congress section of this site. Both current and archived content is available in the Federal Register Notices table under Federal Register Notices, Outreach sections.

The National Credit Union Administration conducts a review of its regulations at the same time and in a manner consistent with the EGRPRA review. The results of the NCUA’s review are included in the EGRPRA Report to Congress.

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.

Reports to Congress

EGRPRA reports to Congress currently are available: 2017 | 2007

Additional Information

 

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