Agencies' Wish List for Regulatory Relief Unveiled

By Heller, Michele | American Banker, August 30, 2004 | Go to article overview

Agencies' Wish List for Regulatory Relief Unveiled


Heller, Michele, American Banker


The senator drafting legislation to ease regulatory requirements for banks, thrifts, and credit unions is one step closer to unveiling a finished product.

Sen. Mike Crapo, R-Idaho, released a list of 136 rules Thursday that regulators, industry representatives, and consumer advocates told him they would like the bill to focus on.

The recommendations include relaxing or eliminating things such as annual customer privacy notices, disclosures of community reinvestment-related spending, waiting periods for mergers and acquisitions, the ban on depository institutions' paying interest on corporate checking accounts, and restrictions on banks' ability to branch across state lines.

Sen. Crapo has not decided which ideas he will incorporate into his bill, and he plans to seek additional ones from the industry in the next few weeks, a spokeswoman said.

"The goal is to possibly have legislation introduced before Congress adjourns," she said. The end of the session could come as early as Oct. 1.

The Federal Reserve Board, the Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the National Credit Union Administration submitted comments. The Conference of State Bank Supervisors also commented.

Some of the more controversial recommendations came from the FDIC, which announced them at a Senate Banking Committee hearing on deregulation in June.

The FDIC called for repealing the Community Reinvestment Act "sunshine" requirement. Banks and community groups that enter into assistance agreements must file quarterly disclosures and an annual report on grants and other payments of $10,000 or more and loans of $50,000 or more stemming from the agreements.

The OTS said the annual reporting requirement should be dropped.

The FDIC also recommended exempting banks that do not share customer data with their affiliates or outside companies from the Gramm-Leach-Bliley Act's annual privacy requirement. …

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