Comprehensive Regulatory Review Act of 2016

To amend the Economic Growth and Regulatory Paperwork Reduction Act of 1996 to ensure that Federal financial regulators perform a comprehensive review of regulations to identify outdated or otherwise unnecessary regulatory requirements imposed on covered persons, and for other purposes. 1. Short title This Act may be cited as the Comprehensive Regulatory Review Act of 2016 2. Amendments to Definitions of the Economic Growth and Regulatory Paper Reduction Act Section 2001(c) of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 ( 12 U.S.C. 252 (8) Covered person The term covered person 12 U.S.C. 5481 (9) Federal financial regulator The term Federal financial regulator . 3. Ensuring a comprehensive regulatory review (a) In General Section 2222 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 ( 12 U.S.C. 3311 (1) in subsection (a)— (A) by striking 10 years 5 years (B) by striking each appropriate review the Federal financial regulator shall each conduct a comprehensive review (C) by striking any such appropriate Federal banking agency such Federal financial regulator, jointly or otherwise, and including all regulations issued after December 31st, 2006 (D) by striking insured depository institutions covered persons (b) Conforming Amendments Such section is amended— (1) in subsections (b), (c), (d), and (e), by striking the appropriate Federal banking agency the appropriate Federal financial regulator (2) in subsection (e)(1), by striking the appropriate Federal banking agencies the appropriate Federal financial regulator 4. Considerations for comprehensive regulatory review Section 2222 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 ( 12 U.S.C. 3311 (1) in subsection (b)— (A) in paragraph (1), by striking and (B) by redesignating paragraph (2) as paragraph (5); and (C) by inserting after paragraph (1) the following new paragraphs: (2) consider the impact of the regulations on the financial safety and soundness of covered persons; (3) consider the impact of the regulations on the risk profile and business models of covered persons subject to the regulatory action; (4) determine the necessity, appropriateness, and impact of continuing to apply such regulatory action to such covered persons; and ; (2) in subsection (c), by striking 10 years 5 years (3) in subsection (d), by amending paragraph (2) to read as follows: (2) eliminate or tailor unnecessary regulations related to covered persons in a manner that limits the regulatory compliance impact, cost, liability risk, and other burdens, as is appropriate. .

Summary: Comprehensive Regulatory Review Act of 2016 This bill amends the Economic Growth and Regulatory Paperwork Reduction Act of 1996 to require the Federal Financial Institutions Examination Council and each of the federal financial regulators to conduct, at least once every five years, a comprehensive review of all regulations prescribed by the council or the regulator, including all regulations issued after December 31, 2006, in order to identify outdated or otherwise unnecessary regulatory requirements imposed on covered persons. "Covered persons" are those that engage in offering or providing a consumer financial product or service and affiliates who provide services to them. Under the process for conducting such a review, the council and the appropriate regulator shall also: consider the impact of the regulations on the financial safety and soundness, as well as on the risk profile and business models, of the covered persons; and determine the necessity, appropriateness, and impact of continuing to apply the regulatory action. The bill requires the council and the appropriate regulator to ensure that the notice and comment period with respect to the regulations reviewed is conducted at least once every 5 years (rather than, as currently, 10 years). The council and the appropriate regulator shall eliminate or tailor unnecessary regulations so as to limit the regulatory compliance burdens.