Comprehensive Regulatory Review Act

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Act of 1996 to ensure that Federal financial regulators perform a comprehensive review of regulations to identify outdated or otherwise unnecessary regulatory requirements imposed on covered persons, and for other purposes. 1.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 2. Amendments to definitions of the Economic Growth and Regulatory Paperwork 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 Subsection (a) of section 2222 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 ( 12 U.S.C. 3311(a) (1) by striking 10 years 7 years (2) by striking each appropriate review the Federal financial regulators shall each conduct a comprehensive review (3) by striking such appropriate Federal banking agency such Federal financial regulator, jointly or otherwise, (4) by inserting or covered persons insured depository institutions (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 (c), by striking 10 years 7 years (2) in subsection (d)— (A) in paragraph (1), by striking and (B) in paragraph (2), by striking the period at the end and inserting ; and (C) by adding at the end the following new paragraph: (3) tailor other regulations related to covered persons in a manner that limits the regulatory compliance impact, cost, liability risk, and other burdens, unless otherwise determined by the Council or the appropriate Federal financial regulator. . 5. Reviews conducted by the Bureau Section 2222 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 ( 12 U.S.C. 3311 (f) Reviews conducted by the Bureau The Bureau of Consumer Financial Protection shall— (1) use any relevant information from an assessment conducted under section 1022(d) of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5512(d) (2) conduct such review in accordance with the purposes and objectives described in subsections (a) and (b) of section 1021 of such Act ( 12 U.S.C. 5511 .

Summary: Comprehensive Regulatory Review Act This bill expands the required comprehensive review of financial regulatory requirements. Specifically, the review must be completed by the Consumer Financial Protection Bureau (CFPB) and the National Credit Union Administration, in addition to (as required under current law) the Federal Financial Institutions Examination Council, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Federal Reserve Board. The review must be performed at least every 7, rather than 10, years. After performing the review, a regulator must consider tailoring regulations to limit specified burdens. The bill specifies information and criteria the CFPB must use when conducting its review.