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In 2008, the U.S. Army Corps of Engineers (Corps) and the U.S. Environmental Protection Agency (EPA) 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, including an initial 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 that review documentation and provide advice on the establishment and management of mitigation banks and in-lieu fee programs. This rule is intended to enhance the efficiency of the mitigation bank and in-lieu fee program approval time frames by proposing savings to the public through shorter review times for proposed mitigation banks, in-lieu fee programs, instrument modifications, and credit release requests while also promoting conservation and wetland mitigation projects.