The National  Memo Logo

Smart. Sharp. Funny. Fearless.

Monday, December 09, 2019 {{ new Date().getDay() }}

By Jim Puzzanghera, Los Angeles Times

Three of the nation’s financial regulators on Wednesday launched a broad effort to identify rules that are unnecessary or too burdensome for banks.

Under a 1996 law, the Federal Reserve, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency are required to conduct such a review at least once every 10 years.

The new study comes after Congress enacted a sweeping overhaul of financial regulations in 2010, some of which are still being drafted.

The so-called Dodd-Frank law was passed in response to the financial crisis, and many industry executives have criticized some of the measure’s hundreds of new rules as placing too large a burden on banks and other firms.

The three agencies said they would start a two-year process of soliciting comments from the public on regulations affecting federally insured, deposit-taking banks.

As part of the review, regulators will consider how to reduce the burdens on community banks.

“We are keenly aware of the role that these institutions play in providing consumers and businesses across the nation with essential financial services and access to credit, and we are concerned about the impact of regulatory burden on these smaller institutions,” the regulators said in a statement.

Under the Economic Growth and Regulatory Paperwork Reduction Act of 1996, the agencies are required “to identify outdated, unnecessary or unduly burdensome regulations.”

The regulators must report to Congress about how to “reduce regulatory burden” on banks while still ensuring their safety and soundness, as well as that of the broader financial system.

The first report was issued in 2007, according to the Federal Financial Institutions Examination Council, which consists of the nation’s five banking regulatory agencies.

In addition to the study by the Fed, FDIC and OCC, another regulator, the National Credit Union Administration, is conducting a similar review.

The fifth agency, the Consumer Financial Protection Bureau, was created by the Dodd-Frank law and is required to review and report on the effects of significant regulations it enacts five years after they take effect, the council said.

AFP Photo/Scott Olson

Advertising

Start your day with National Memo Newsletter

Know first.

The opinions that matter. Delivered to your inbox every morning

Russian men crossing border to Georgia after Kremlin issued draft order

It’s never a good sign when a president, following the progress of his war – or lack thereof – starts consulting maps and making decisions for the combat commanders on the ground. It’s happened before in this country, always with disastrous results: Lyndon Johnson picking bombing targets for the Air Force in North Vietnam, Richard Nixon doing the same thing for B-52 strikes in Cambodia and Laos, George W. Bush ordering front line units in Iraq to stop sending out patrols so he could reduce the casualty count in advance of the 2004 presidential election.

Keep reading... Show less

Sean Hannity

Youtube Screenshot

Newly released text messages show that the executive producer of Sean Hannity's radio show, Lynda McLaughlin, asked then-White House chief of staff Mark Meadows for a meeting with President Donald Trump to share “hard data” that “show[ed] proof of the fraud” being pushed by the White House, Fox News, and the entire right-wing media in the 2020 election.

Keep reading... Show less
{{ post.roar_specific_data.api_data.analytics }}