Circular
Agencies Request for Recommendations on Reduction of Regulatory Burden
February 7, 2005
Circular No. 11679

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Deposit Insurance Corporation and Office of Thrift Supervision (Agencies) are reviewing their regulations to identify outdated, unnecessary, or unduly burdensome regulatory requirements pursuant to the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA). The Agencies request comments and suggestions on ways to reduce burden in rules that are categorized as Money Laundering, Safety and Soundness, and Securities.

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.

Comments are requested by May 4, 2005.

Federal Register notice PDF OFFSITE

Contact:
John G. Ricketti
Vice President
Legal and Compliance Risk Department
john.ricketti@ny.frb.org


William L. Rutledge
Executive Vice President