Regulatory & Compliance Updates: Aug. 31, 2024

​Interagency Effort to Reduce Regulatory Burden: On July 25, the Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), and Board of Governors of the Federal Reserve System announced their second notice in the Federal Register requesting comment to reduce regulatory burden. 

Joint Statement on Bank Arrangements with Third Parties for Deposit Products and Services: On July 25, the OCC, FDIC, and Board of Governors of the Federal Reserve System also announced a statement reminding banks of potential risks associated with third-party arrangements to deliver bank deposit products and services.

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

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