What is the Federal Banking Agency Regulatory Relief Act?

The Federal Banking Agency Regulatory Relief Act is a law designed to reduce the regulatory burden on banks so they can provide better services to their customers. It was passed in 2018 and applies to banks operating in the state of Georgia. Under the Act, national banks, state banks, and state savings associations have access to greater operating flexibility so they can better serve their customers. This includes reducing the amount of capital that banks are required to hold in reserve, increasing the amount of money banks can lend, and reducing certain reporting and other filing requirements. The Act also encourages banks to make investments that benefit their local communities, such as providing financing for affordable housing and other projects that promote economic development. It also protects consumers by requiring banks to disclose fees and other costs associated with loans and banking services. In addition, the Act creates an independent Ombudsman office to help resolve disputes between banks and their customers, and it also requires banks to make more information available to the public so consumers can make more informed decisions about where to bank. Overall, the Federal Banking Agency Regulatory Relief Act is designed to help banks better serve their customers while protecting consumers and encouraging economic development.

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What is the Federal Banking Agency Regulatory Relief Act?

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