Last updated on October 3, 2025
No, it is not allowed under current law. In February 2024, federal bank regulatory agencies initiated a formal review process under the Economic Growth and Regulatory Paperwork Reduction Act of 1996. This law mandates that regulators must solicit public comments before revising or rescinding any major banking regulations. The review is conducted every 10 years and covers 12 categories of regulation. The first round of comments in 2024 focused on Applications and Reporting, Powers and Activities, and International Operations. This ensures transparency, stakeholder input, and accountability in the regulatory process.
https://www.federalreserve.gov/newsevents/pressreleases/bcreg20240206a.htm
2/6/2024