The federal banking agencies announced late last week that they would be seeking comment on a third set of regulatory categories as part of an ongoing effort to identify outdated and unnecessary banking regulations.

The Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA) requires the Federal Financial Institutions Examination Council, Office of the Comptroller of the Currency, Federal Deposit Insurance Corp. and Board of Governors of the Federal Reserve System to review their regulations at least every 10 years.

The agencies have divided their regulations into 12 categories and requested comments for six sets of categories. The third notice seeks comment on regulations in three additional categories: consumer protection; directors, officers, and employees; and money laundering.  Comments will be accepted within 90 days after publication in the Federal Register.

Regulators previously announced they have expanded the scope of the EGRPRA review to cover newly issued regulations, too.

More information is available at EGRPRA’s website.