Under a 1996 law, the
The new study comes after Congress enacted a sweeping overhaul of financial laws in 2010. Agencies still are drafting remaining rules to implement the reforms.
The three agencies said they would start a two-year process of soliciting comments from the public on regulations affecting federally insured, deposit-taking banks.
As part of the review, regulators will consider how to reduce the burdens on community banks.
"We are keenly aware of the role that these institutions play in providing consumers and businesses across the nation with essential financial services and access to credit, and we are concerned about the impact of regulatory burden on these smaller institutions," the regulators said.
Under the Economic Growth and Regulatory Paperwork Reduction Act of 1996, the agencies are required "to identify outdated, unnecessary, or unduly burdensome regulations."
The regulators must report to Congress about how to "reduce regulatory burden" on banks while still ensuring their safety and soundness, as well as that of the broader financial system.
The first report was issued in 2007, according to the Federal Financial Institutions Examination Council, which consists of the nation's five banking regulatory agencies.