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In 2008, the U.S. Army Corps of Engineers (Corps) and the U.S. Environmental Protection Agency issued a final rule governing compensatory mitigation for losses of aquatic resources (73 FR 19593). The regulation prescribes a review and approval process for the establishment and management of mitigation banks and in-lieu fee programs. The regulation also includes time frames for certain steps in the mitigation bank and in-lieu fee program review and approval process. The review and approval process includes an opportunity for public and agency review and comment on mitigation banks and in-lieu fee programs, as well as a second review by an interagency review team. The interagency review team consists of federal, state, and local agencies, Tribal nations, and the mitigation bank or in-lieu fee program sponsor. The Corps is reviewing the review and approval process and the interagency review team process in particular to enhance the efficiency of the mitigation bank and in-lieu fee program approval time frames. An increase in efficiency would likely result in savings to the public because it is expected to result in shorter review times for proposed mitigation banks, in-lieu fee programs, and instrument modifications, as well as credit release requests, and decreases in the resources other federal, state, and local agencies expend in reviewing these activities, attending meetings, participating in site visits, and providing their comments to the Corps.