This story appeared in Bank Digest.
Senator Mike Crapo (R-Idaho) has introduced legislation that would ensure the federal financial regulators identify all unnecessary, outdated and unduly burdensome regulations. Specifically, the bill, S. 881, would make the 10-year regulatory evaluation process, required by the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA), more effective by ensuring all regulations are reviewed, including recent Consumer Financial Protection Bureau and Dodd-Frank rules. Under EGRPRA, the bank regulatory agencies are required to consider how to best reduce the regulatory burden on financial institutions while, at the same time, ensuring the safety and soundness of the financial system. "Rather than predetermine which rules should or should not be reviewed, this legislation will require the federal financial regulators to review all existing regulations, including Dodd-Frank and CFPB rules" said Crapo.