U.S. banking regulators are proposing regulatory changes designed to ease the compliance burden on the boards of directors at the country’s banks.

The U.S. Federal Reserve Board issued a proposal on Thursday that aims to “refocus” its supervisory expectations for the directors of the large firms “on their core responsibilities”, such as risk oversight, and aligning the firm’s strategy with its approach to risk.

The Fed says that, under today’s proposals, itwould also direct most of thesupervisory issues it uncovers to banks’ senior management, rather than to their board of directors. The proposals also aim to identify supervisory expectations for bank boards that could be eliminated or revised.

Additionally, the Fed is also proposing changes to its rating system for large financial institutions that would focus on capital, liquidity, and the effectiveness of governance and controls. The new rating system would not apply to smaller banks with less than US$50 billion in total consolidated assets, or to insurers.

The proposals are out for comment for 60 days.