With the Federal Reserve, FDIC and OCC currently beginning their second decennial review of outdated, unnecessary and burdensome regulations, Senate Banking Committee Chairman Ranking Member Mike Crapo (R-Idaho) yesterday wrote to the heads of three additional financial agencies to ask them to engage in a similar effort.
During a September hearing, Crapo asked the heads of the CFPB, CFTC and SEC if they would consider engaging in a review process similar to that mandated by the Economic Growth and Regulatory Paperwork Reduction Act. The CFTC and SEC chairs agreed with Crapo’s premise, and CFPB Director Richard Cordray pointed to the bureau’s Dodd-Frank Act-mandated five-year rule review.
Crapo asked the heads of the CFPB, CFTC and SEC how they planned to go about periodic reviews and for a commitment to employ an EGRPRA-like process.
Read Crapo’s letter to the CFPB.