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ABA: The American Bankers Association
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Economic Growth and Regulatory Paperwork Reduction Act

ABA is actively working with bankers to propose regulatory reforms as part of the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) review. By gathering industry feedback, we aim to help the federal banking agencies address outdated or unnecessary regulations.

The Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA) requires federal banking agencies to review their regulations every ten years to identify outdated or unnecessary requirements for insured depository institutions. To streamline this process, the agencies have divided their regulations into categories, with four distinct commenting periods to facilitate phased input. The second comment period, ending on October 30, 2024, focuses on Consumer Protection, governance, and anti-money laundering rules.

ABA strongly supports EGRPRA's intent and urges agencies to use this review to provide meaningful regulatory relief to banks and savings associations.

Additionally, ABA believes the review should include other regulatory burdens, such as those imposed by the CFPB and FinCEN. ABA convened a working group to prepare a comment letter ahead of the October 30 deadline to ensure the industry's voice is heard.

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