The Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA) requires that regulations prescribed by the Federal Financial Institutions Examination Council, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Board of Governors of the Federal Reserve System be reviewed by the agencies at least once every 10 years.

The purpose of this review is to identify, with input from the public, outdated, unnecessary, or unduly burdensome regulations and consider how to reduce regulatory burden on insured depository institutions while, at the same time,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. The first EGRPRA review was completed in 2007, with the submission of the required Report to Congress in July of that year.

The second EGRPRA review, which began in 2014, is now complete. The agencies submitted their second EGRPRA Report to Congress on March 21, 2017.

The National Credit Union Administration conducted a review of its regulations at the same time and in a manner consistent with the EGRPRA review. The results of its review are included in the 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.

The 2017 EGRPRA Report to Congress is available here: https://www.ffiec.gov/pdf/2017_FFIEC_EGRPRA_Joint-Report_to_Congress.pdf

Tags: EGRPRA