June 03, 2014

Fed, others announce own reg reviews

June 4, 2014 – The Comptroller of the Currency, FDIC and the Federal Reserve System are reviewing and requesting comments on regulations considered outdated, burdensome or unnecessary under the Economic Growth and Regulatory Paperwork Reduction Act.

The proposed rules and regulations by category that are being reviewed are scheduled to be published in the Federal Register today and will have a 90-day comment period. This is similar to a review already announced by NCUA regarding credit union regulations.

The EGRPRA periodically requires federal regulators to publish notice of their rules and regulations by category and to invite comment on which rules are outdated, unnecessary or burdensome.

NAFCU welcomes the agencies' request for comments and will continue to emphasize the need for regulatory relief for credit unions by pressing for action on its "dirty dozen" list of rules that could be eliminated or improved at NCUA.

The association will also submit comments on rules under review at the Federal Reserve concerning the availability of funds and collection of checks (Reg CC); the collection of checks and other items by Federal Reserve Banks and fund transfers through Fedwire (Reg J); and reserve requirements of depository institution (Reg D).