HR6544-119

What This Bill Does

The REVIEW Act of 2025 amends the Economic Growth and Regulatory Paperwork Reduction Act review process. It replaces references to the appropriate federal banking agency with the broader term federal financial institutions regulatory agency and shortens the review cycle from once every 10 years to once every seven years in the House-reported version. The introduced version used a five-year cycle.

Each covered agency must review the cumulative impact of its regulations. The review must assess effects on consumers' access to financial products and services, availability of products and services to financial and nonfinancial firms, credit availability and market liquidity, and the balance of benefits and costs for safety and soundness and economic activity. Agencies must quantify direct and indirect costs where practicable and recommend regulations that can be streamlined, simplified, or eliminated because they are duplicative, outdated, or unnecessarily burdensome.

Who Benefits and How

Banks benefit because regulators must repeatedly identify outdated or unnecessarily burdensome rules. Credit unions benefit if NCUA regulations are swept into the broader review process. Nonbank financial services firms benefit because product availability for nonfinancial firms and broader financial-market effects must be considered. Consumers of financial products benefit if reviews preserve access to products and services while balancing safety and soundness. Congressional banking committees benefit from recurring recommendations for regulatory simplification.

Who Bears the Burden and How

Federal Reserve regulatory staff must quantify costs and cumulative impacts of covered rules. OCC regulatory staff must identify duplicative or outdated national-bank regulations. FDIC regulatory staff must conduct recurring reviews and justify retained rules. NCUA regulatory staff must participate if covered by the broader agency definition. CFPB regulatory staff may face review obligations if treated as a federal financial institutions regulatory agency. Bank compliance officers may need to provide data or comments during each review cycle.

Key Provisions

• Replaces appropriate federal banking agency with federal financial institutions regulatory agency.
• Shortens the recurring review cycle from 10 years to seven years in the House-reported version.
• Requires review of cumulative regulatory impact on consumers, firms, credit availability, and market liquidity.
• Requires agencies to evaluate the balance of benefits and costs for safety and soundness and economic activity.
• Requires quantification of direct and indirect regulatory costs where practicable.
• Requires recommendations to streamline, simplify, or eliminate duplicative, outdated, or unnecessarily burdensome regulations.