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Government Agencies to Host Outreach Meeting to Discuss Financial Regulatory Burden

financial regulatory burdenThree government agencies - the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (FDIC) – will host the first in a series of outreach meetings in December 2 in Los Angeles.

The purpose of the meeting will be for the agencies to discuss their collective effort to reduce regulatory burden placed on community banks by the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA).

The agencies are required by the EGRPRA to review their regulations at least once every 10 years in order to identify outdated or unnecessary regulations that are imposed on deposit institutions that are insured. The regulations are divided into 12 categories as required by the EGRPRA, and the first set of categories was published in the Federal Register for comment in June. Three more public notices will be jointly published by the agencies over the next two years for public comment on the remaining regulations.

The series of outreach meetings are part of the EGRPRA review to allow interested parties to comment on regulatory burden directly to the government agencies. The meetings will be open to bankers as well as representatives of consumer and community groups and other interest parties.

At the outreach meetings, industry participants and panel groups will offer panel presentations, and audience members or interested parties will have the opportunity to comment at the end of each panel presentation. Audience members may also present views on any of the regulations under review during a session at the end of the meeting. Participants who do not wish to comment orally may submit their comment in writing at the meeting or through the EGRPRA web site.

"Community bankers are encouraged to attend an EGRPRA outreach meeting to share their views on how to reduce unnecessary burdens in OCC, FRB, and FDIC regulations," the agencies jointly wrote in a press release. "For those unable to attend the Los Angeles meeting in person, a live webcast will be available at the EGRPRA web site. "

The December 2 outreach meeting will be at the Los Angeles branch of the Federal Reserve Bank of San Francisco. Space is limited for the event; registration for the meeting will be open until November 26 or until all seats are filled. Similar outreach meetings are scheduled in 2015 to take place in Dallas, Boston, Chicago, and Washington, D.C.

About Author: Brian Honea

Brian Honea's writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master's degree from Amberton University in Garland.

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