(L-R) Comptroller of the Currency Thomas J. Curry, South Central Bank, N.A. President Todd Grayson, Deputy Comptroller for the Central Region Blake Paulson
South Central Bank, N.A. President Todd Grayson participated in a panel discussion that focused on the reduction of regulatory burdens for community banks during the recent 2015 Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) outreach meeting at the Federal Reserve Bank of Chicago on October 19.
Federal banking agencies including the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (FRB), and the Federal Deposit Insurance Corporation (FDIC) held an outreach meeting on Monday, October 19, 2015 at the Federal Reserve Bank of Chicago as part of their regulatory review under the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA). South Central Bank’s President Todd Grayson participated in a panel discussion that covered topics including securities, money laundering, safety and soundness, and rules of procedure regulations.
This meeting was the fifth in a series of six outreach meetings aimed at identifying outdated or burdensome regulatory requirements imposed on financial institutions held throughout the country. The sixth and final meeting is expected to take place on December 2 in Washington, D.C.
The event drew notable senior officials such as FDIC Chairman Martin J. Gruenberg, Comptroller of the Currency Thomas J. Curry, and Federal Reserve Governor Lael Brainard. Bryan A. Schneider, Secretary of the Illinois Department of Financial and Professional Regulation was also in attendance.
Under EGRPA, federal banking agencies are required to conduct a joint review of regulations at least every 10 years. The review provides a timely opportunity for agencies to identify outdated or otherwise unnecessary regulations that place an undue burden on smaller or less complex banks that pose less risk to the system. Each of the agencies will use information gathered from this outreach meeting to support the review process and reduce burden where possible, particularly for community banks.