On July 11, 2011, President Obama issued Executive Order 13579, “Regulation and Independent Regulatory Agencies.” The FDIC, in response, has noted it has a long-standing policy and practice of reviewing its proposed and existing regulations to evaluate their impact.
As part of its implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), the FDIC is also engaged in an ongoing review of its rules affected by the Dodd-Frank Act. The FDIC has stated it is updating, streamlining, or rescinding some of its rules to comply with and conform to the Dodd-Frank Act. The FDIC stated it is also working to establish clear rules that will ensure a stable financial system and impose minimum regulatory burden. In all Dodd-Frank Act rulemakings, the FDIC maintains it has been coordinating its efforts closely with the other financial regulators to ensure consistency and avoid duplication of efforts.
Check dodd-frank.com frequently for updates on the Dodd-Frank Act and other important securities law matters.