On May 24, 2018, the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA) amended provisions in the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) as well as other statutes administered by the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the agencies). The amendments made by EGRRCPA provide for additional tailoring of various provisions of the banking laws while maintaining the authority of the agencies to ensure the safety and soundness of the institutions they supervise and to apply the enhanced prudential standards in the Dodd-Frank Act that address financial stability. Using authorities established by the Dodd-Frank Act and other laws, the agencies jointly strengthened capital, liquidity, risk management, and other standards for banking organizations in response to the 2008 financial crisis.
This statement provides information on rules and associated reporting requirements that the agencies jointly administer and that EGRRCPA immediately affected. The agencies will take the positions described below in the interim until the agencies amend their regulations to incorporate EGRRCPA’s changes. Certain amendments took effect on the day of EGRRCPA’s enactment, whereas other provisions will take effect at a later date.
The full statement is available at www.fdic.gov/news/news/press/2018/pr18044a.pdf