EGRPRAEconomic Growth and Regulatory Paperwork Reduction Act of 1996
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EGRPRA requires the agencies, along with the FFIEC, to conduct a review at least every 10 years to identify outdated or otherwise unnecessary regulations.
EGRPRA amended TILA to grant the FRB authority to exempt "transactions for which the board, by rule, determines that coverage under this title is not necessary to carry out the purposes of this title.
The GFE was deemed an adequate substitute for TILA's Itemization of Amount Financed and, as provided by EGRPRA, optional language allowed removal of the 15-year adjustable-rate mortgage (ARM) index history.
EGRPRA requires the agencies to categorize the regulations, publish the categories for comment, report to the Congress on any significant issues raised by the comments, and eliminate unnecessary regulations.
To encourage full participation in the EGRPRA review, the regulatory agencies have scheduled several roundtable discussions with bankers and other interested parties.
The National Credit Union Administration (NCUA) will be issuing a separate notice and request for comments pursuant to EGRPRA.
Section 2214 of EGRPRA authorizes the Agencies to extend the examination cycle for certain United States branches and agencies of foreign banks.
The EGRPRA requires Federal bank regulatory agencies to review their existing regulations once every 10 years in an effort to eliminate unnecessary regulatory burden.