ICBA commends agencies for scheduling virtual EGRPRA meeting

ICBA commended the federal banking regulators for heeding ICBA’s calls to hold a virtual public outreach meeting as part of the latest regulatory review under the Economic Growth and Regulatory Paperwork Reduction Act.

Virtual Outreach Meeting: The regulators said they will hold a virtual public outreach meeting on Wednesday, Sept. 25, as part of their latest EGRPRA review. ICBA encourages community bankers interested in providing oral comments to register by the Aug. 9 deadline.

ICBA Response: In a national news release following the agency announcement, ICBA commended regulators for heeding ICBA’s calls to hold a livestreamed public outreach meeting as part of the current EGRPRA review. ICBA said in a comment letter earlier this year that regulators should invite community bankers to actively participate.

Second Request for Comment: Regulators announced the virtual meeting as part of the second request for comment under the latest EGRPRA review, which seeks comments on regulations in the categories of consumer protection; directors, officers, and employees; and money laundering. Comments are due within 90 days of publication in the Federal Register.

Previous Comments: In addition to calling for virtual meetings in its comments earlier this year, ICBA called on federal regulators to hire an outside consultant to quantify the regulatory burden on community banks and designate an overall director of the current EGRPRA review process, among other meaningful action.

Call for Action: In a blog post earlier this year on the current EGRPRA review, ICBA’s Anne Balcer said regulators must take bold action to eliminate one-size-fits-all mandates that fail to consider the community banking business model.

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