Fed eases regulatory burden for small US banks

More small US banks will now be eligible for “streamlined reporting”, the Federal Reserve and other regulators announced on 17 June.

The decision was announced in a joint statement by the Fed, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency. The move is the latest step in reducing US financial regulation prompted by legislative changes passed by Republican lawmakers in May last year.

The rule affects financial institutions with less than $5 billion