According to CoinMeta, the Federal Reserve has proposed to update the regulatory rules for mutual aid banking institutions, with over 90% of such institutions having total assets of less than $3 billion. The vice chair in charge of supervision, Michelle W, stated that the proposal aims to update the mutual aid banking regulations, which have not been changed for 30 years, allowing mutual aid banks to continue to grow and serve their communities more effectively while preserving the structures of all their depositors. The proposal includes clarifying which tools can be counted as regulatory capital and reducing procedural burdens, and the public can submit comments within 60 days.