REVIEW Act of 2025
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The REVIEW Act would require federal financial regulators to review their regulations every 7 years instead of every 10, and would add a new internal review assessing how those rules affect credit availability, consumer access to financial products, and economic activity.
It would also formally include the National Credit Union Administration among the agencies required to conduct these periodic reviews, broadening which regulators must periodically reassess and report on the cumulative burden of their rules.
What this bill would do
What it would do
The bill would amend the Economic Growth and Regulatory Paperwork Reduction Act of 1996 to shorten, from once every 10 years to once every 7 years, the interval at which federal financial institutions regulatory agencies must review their regulations to identify outdated, unnecessary, or unduly burdensome rules. It would also require each agency to conduct a new internal review of the cumulative impact of its regulations, assessing effects on consumers' access to financial products, credit availability and market liquidity, and the balance of costs and benefits for financial safety, soundness, and overall economic activity, with recommendations to streamline or eliminate burdensome rules.
The bill broadens the reviewing agencies from "appropriate Federal banking agencies" to "Federal financial institutions regulatory agencies," a term that includes the National Credit Union Administration, and requires the findings of the internal cumulative-impact review to be summarized in the agencies' existing report to Congress. It does not create new regulatory authority or repeal any existing financial rules itself.
Key provisions
- 1Would shorten the interval for federal financial regulators to review their existing regulations from once every 10 years to once every 7 years
- 2Would require each agency to conduct a new internal review of the cumulative impact of its regulations on consumer access, credit availability, market liquidity, and economic activity
- 3Would require recommendations to streamline, simplify, or eliminate duplicative, outdated, or unnecessarily burdensome regulations as part of the internal review
- 4Would expand the scope of covered regulators from 'appropriate Federal banking agencies' to 'Federal financial institutions regulatory agencies,' including the National Credit Union Administration
- 5Would require a summary of the internal cumulative-impact review findings to be included in the agencies' existing report to Congress
Who would be affected
Federal financial institutions regulatory agencies, including the National Credit Union Administration and federal banking agencies, would face new and more frequent review obligations. Insured depository institutions, credit unions, and other regulated financial and nonfinancial firms would be affected indirectly as regulators reassess and potentially streamline the rules governing them.
Why it matters
More frequent, broader reviews could lead regulators to identify and eliminate outdated or duplicative rules more quickly, potentially easing compliance burdens on banks and credit unions. Because the review would also assess credit availability and consumer access, its findings could shape future regulatory changes affecting how easily consumers and businesses obtain financial products.
What would change
Changes to existing law
Amends Economic Growth and Regulatory Paperwork Reduction Act of 1996 (12 U.S.C. 3311) (Sec. 2)
Shortens the regulatory review cycle from 10 to 7 years, adds a mandatory internal cumulative-impact review, and expands covered agencies to include credit unions.
Agencies directed to act
How implementation would work
Federal financial institutions regulatory agencies would conduct their existing decennial (now septennial) regulatory review, adding a required internal assessment of cumulative regulatory impact covering consumer access, credit availability, market liquidity, and cost-benefit balance for safety and soundness. Agencies would quantify economic costs where practicable and develop recommendations to streamline or eliminate burdensome rules. Findings from this internal review would be summarized and incorporated into the agencies' existing periodic report to Congress alongside public comments received, giving lawmakers visibility into identified regulatory burdens.
Legislative status & sources
Latest action
Placed on the Union Calendar, Calendar No. 452.
Official CRS summary
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This bill increases the frequency and expands the scope of regulatory reviews conducted by federal financial agencies.
Currently, these regulatory reviews must occur every 10 years to identify outdated or unnecessary regulations imposed on insured depository institutions. The bill increases this frequency to every 7 years.
Additionally, the bill expands these reviews to include an internal review of the cumulative impacts of regulations, including an assessment regarding (1) access to financial products and services, (2) credit availability and market liquidity, and (3) costs and benefits of regulations with respect to financial safety and soundness and overall economic activity.
The bill also codifies the National Credit Union Administration’s inclusion in this review process.
Legislative subjects
Banking and financial institutions regulation; Congressional oversight; Credit and credit markets; Finance and Financial Sector; Financial services and investments; Government information and archives; Government studies and investigations
Committee report
H. Rept. 119-527