Sometimes it seems like federal agencies issue regulations randomly, with no rhyme or reason at all. At Jurispect, however, we've found that studying regulatory data reveals patterns in regulatory agencies' behavior, which helps teams manage their regulatory intelligence more effectively.
With that in mind, we ran a study of two years’ worth of rules and proposed rules from six federal financial agencies - the Treasury Department (“Treasury”), the Securities and Exchange Commission (SEC), the Federal Reserve System (FRS), the Federal Deposit Insurance Corporation (FDIC), the Consumer Financial Protection Bureau (CFPB), and the Office of the Comptroller of the Currency (OCC) - to see what patterns emerged, and what we could learn from them.
What we found reveals the level of effort required for regulatory tracking and analysis based on the time of year.
JURISPECT MAKES REGULATORY INTELLIGENCE SMARTER
Grouping rules and proposed rules by quarter, it quickly became clear that the bulk of final rules issued over the past two years came out during Q4. The third quarter boasted the lowest number of final rules, which makes sense given that Q3 covers the summer months when things in DC generally tend to slow down.
It seems like federal regulators have been coming back from summer vacation with a vengeance, though, releasing a flood of final rules that companies then have to implement and comply with.
Fig. 1: Rules by Quarter
The fourth quarter also sees a high number of proposed rules, but the crown for the most proposed rules in a quarter over the past two years actually goes to Q2.
Fig. 2: Proposed Rules by Quarter
When you take into account the number of both rules and proposed rules issued in Q4, however, it remains the busiest quarter for these six agencies.
Fig. 3: Rules and Proposed Rules by Quarter
The key takeaway for compliance teams seems obvious: get ready for a busy Q4 as a large number of rules and proposed rules hit the Federal Register.
On average, these agencies have issued 110 rules and 60 proposed rules during Q4 each year over the past two years.
While that may look like a dizzying amount of work at first, with the right tool your team can easily manage the burden of tracking the new issuances and communicating the most important information to the wider organization.
Jurispect tracks new rules and rule changes from start to finish, so you can plan more effectively and avoid nasty surprises at the end of the year.
If you’re interested in learning more about how Jurispect can help with regulatory tracking and analysis for Q4 and beyond, request a demo and we’ll show you how we make regulatory intelligence smarter.