This bill — the Comprehensive Regulatory Review Act — would expand required reviews of existing financial regulations and have them occur every 7 years, as opposed to every 10 years under current law. After carrying out the review, regulators would be required to consider tailoring regulations to limit burdens on covered businesses and individuals if regulations are found to be outdated, duplicative, unnecessary, or overly burdensome. Reviews would cover all regulated institutions, as opposed to only insured depository institutions under current law. These reviews are required by the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) of 1996.
The Consumer Financial Protection Bureau (CFPB) and the National Credit Union Administration would assist the Federal Financial Institutions Examination Council, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve Board. Currently, the CFPB doesn’t participate in reviews while the NCUA voluntarily participated in the most recent review. Findings from the CFPB’s existing 5 year reviews of regulations would be included in the EGRPRA reviews so the process isn’t duplicative and doesn’t overlap.