ABA identified several outdated, unnecessary or burdensome regulations that should be changed during the decennial Economic Growth and Regulatory Paperwork Reduction Act process at the federal banking agencies. The first round of review covers rules on applications and reporting; powers and activities; and international operations.
Based on feedback from bankers, ABA specifically urged the agencies to review small bank parity for savings and loan holding companies, control determinations under the Bank Holding Company Act, differing branching rules for national banks and thrifts, duplicative and obsolete entries in the Call Report and provisions of Regulation K.
As part of the EGRPRA review, ABA also submitted comments to the OCC regarding fiduciary regulations applicable to national banks. The comments — developed with ABA’s trust counsel committee and collective funds task force — recommend changes that would modernize and clarify the rules that govern fiduciary services to trusts, estates, employee benefit plans, and other fiduciary clients.
Read ABA’s comment letter.
Read the letter on trust issues.