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In 2008, the Corps and the U.S. Environmental Protection Agency (EPA) issued a final rule governing compensatory mitigation for activities authorized by Clean Water Act (CWA) section 404 permits and associated losses of aquatic resources (73 FR 19593). The current regulation prescribes a review and approval process for the establishment and management of mitigation banks and in-lieu fee programs. The current 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 for mitigation banks and in-lieu fee current programs include an opportunity for public and agency review and comment, as well as a second review by an interagency review team.  This proposal is intended to consider ways to enhance the efficiency of the mitigation bank and in-lieu fee program approval time frames with the goal of generating 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. The Corps will also consider whether there are additional opportunities for efficiency and clarity improvement in other areas of the regulation as well as additional ways to increase opportunities for investment in conservation.