To amend the Economic Growth and Regulatory Paperwork Reduction Act of 1996 to ensure that Federal financial regulators perform a comprehensive review of regulations to identify outdated or otherwise unnecessary regulatory requirements imposed on covered persons, and for other purposes.
Committees
Senate Banking, Housing, and Urban Affairs Committee
Bill Summary
Comprehensive Regulatory Review Act (Sec. 2) This bill amends the Economic Growth and Regulatory Paperwork Reduction Act of 1996 to expand the required comprehensive review of financial regulatory requirements. Specifically, the review must be completed by the Consumer Financial Protection Bureau (CFPB) and the National Credit Union Administration, in addition to (as required under current law) the Federal Financial Institutions Examination Council, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Federal Reserve Board. (Sec. 3) The review must be performed at least every 7, rather than 10, years. (Sec. 4) After performing the review, a regulator must consider tailoring regulations to limit specified burdens. (Sec. 5) The bill specifies information and criteria the CFPB must use when conducting its review. (Sec. 6) The bill amends the Federal Reserve Act to lower the maximum allowable amount of surplus funds of the Federal Reserve banks.
To amend the Economic Growth and Regulatory Paperwork Reduction Act of 1996 to ensure that Federal financial regulators perform a comprehensive review of regulations to identify outdated or otherwise unnecessary regulatory requirements imposed on covered persons, and for other purposes.
Comprehensive Regulatory Review Act (Sec. 2) This bill amends the Economic Growth and Regulatory Paperwork Reduction Act of 1996 to expand the required comprehensive review of financial regulatory requirements. Specifically, the review must be completed by the Consumer Financial Protection Bureau (CFPB) and the National Credit Union Administration, in addition to (as required under current law) the Federal Financial Institutions Examination Council, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Federal Reserve Board. (Sec. 3) The review must be performed at least every 7, rather than 10, years. (Sec. 4) After performing the review, a regulator must consider tailoring regulations to limit specified burdens. (Sec. 5) The bill specifies information and criteria the CFPB must use when conducting its review. (Sec. 6) The bill amends the Federal Reserve Act to lower the maximum allowable amount of surplus funds of the Federal Reserve banks.