FOR IMMEDIATE RELEASE
December 15, 2016
Contact: William Grassano
Office of the Comptroller of the Currency Issues Rules to Reduce Regulatory Burden
WASHINGTON — The Office of the Comptroller of the Currency (OCC) today released the final rule to remove outdated or unnecessary provisions of certain rules to reduce regulatory burden on national banks and federal savings associations.
The final rule is part of the agency’s decennial review of its rules required by the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) of 1996 and follows four Federal Register notices and six outreach meetings conducted across the country since late 2014, which solicited comment from bankers, consumer and community groups, and other interested parties.
While the federal financial regulatory agencies are conducting the EGRPRA review jointly, this final rule affects regulations exclusive to the OCC and its supervision of national banks and federal savings associations.
Today, the OCC specifically:
The OCC has taken several actions in addition to today’s final rule. These actions include an OCC final rule issued last May that removed outdated or unnecessary licensing requirements, interagency efforts to streamline Call Report requirements, an interagency interim final rule that permits more qualifying community banks to be eligible for the 18-month examination cycle, and interagency guidance on the evaluation process in the appraisal rules.
Furthermore, the OCC has recommended legislative changes that would remove unnecessary burden, such as a community bank exemption from the Volcker rule and a proposal to provide federal savings associations with greater flexibility to adapt to changing economic and business environments and meet the needs of their communities.
The OCC continues to review EGRPRA comments and may consider additional changes to OCC rules as the EGRPRA review progresses.
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