Interagency Effort to Reduce Regulatory Burden
June 5, 2003
Circular No. 11517

To All Depository Institutions and Others Concerned in the Second Federal Reserve District:

In a joint press release, the federal financial regulatory agencies announced that they will publish a joint notice and request for comments on a plan to identify and eliminate outdated, unnecessary or unduly burdensome regulations imposed on insured depository institutions.

The request from the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the Office of Thrift Supervision is being made pursuant to section 2222 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA). The National Credit Union Administration (NCUA) will be issuing a separate notice and request for comments pursuant to EGRPRA.

The publication of the notice and request for comments in a forthcoming issue of the Federal Register will mark the beginning of a three-year joint effort by the agencies to obtain suggestions from the industry and public on more streamlined and less burdensome ways to regulate.

The agencies will publish the categories for which they are seeking comments twice a year. For this first publication, comments are requested for the following three categories of regulations: Applications and Reporting, Powers and Activities, and International Operations.

To encourage full participation in the EGRPRA review, the agencies have scheduled five roundtable discussions with bankers and other interested parties. Information on the when and where the sessions will be held can be obtained from the press release.

Questions on this matter may be directed at this Bank to HaeRan Kim, Counsel and Vice President, Legal Department.