What is the Federal Banking Agency Regulatory Relief Act?

The Federal Banking Agency Regulatory Relief Act, also known as the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA), is a law that was passed by Congress and signed by President Donald Trump in 2018. This law was created to help banks, and other financial institutions, be more compliant with regulations while still allowing them to make profitable investments in their businesses. The act also works to encourage more lending to small businesses and to provide more consumer protection. EGRRCPA was designed to relax some of the federal regulations that have been placed on banks to make it easier for them to lend to customers and to conduct business with fewer restrictions. This includes reducing the amount of paperwork that banks must complete, reducing the amount of time spent on compliance, and reducing the amount of capital banks must have on reserve. The act also provides consumer protections, such as requiring banks to disclose fees and terms associated with loans, mortgages, and credit cards, and provides clarity on the types of consumer credit products that are covered by the act. This helps ensure that consumers understand what they are getting into and what their rights are when borrowing money. Finally, the EGRRCPA requires the federal banking agencies (which include the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency) to reassess their supervision and regulation of banks with under $250 billion in total assets. This helps to ensure that these smaller banks are given equal attention by the regulators.

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What is the Federal Banking Agency Regulatory Relief Act?

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