Speak Up! Comments On Regulatory Burden Needed

The banking agencies are requesting comments on the consumer protections rules concerning account/deposit relationships and other consumer rules important to every security and compliance officer.

The agencies have been complying with their own requirements to review regulations and hold outreach meetings with bankers to identify provisions that are outdated, unnecessary or unduly burdensome. The rule they are observing comes under the Economic Growth and Regulatory Paperwork Reduction Act of 1996. (EGRPRA)

The regulations being reviewed in this, the third phase, among others, are the consumer protection rules concerning accounts and deposits, including:

Truth in Savings Act (Reg DD)
Electronic Funds Transfer Act (Reg E)
Privacy Rules (Reg P)
Safeguarding Customer Information Rules (Reg H)

These are of particular importance to BANKERS' HOTLINE readers. We encourage you to write a comment letter and let the agencies know what of these rules are the most troublesome and the least advantageous to our members and customers.

In the first phase of the review, 150 recommendations were received to reduce burden in the areas of Applications and Reporting. In the second phase, they received more than 590 comment letters on eight consumer lending regulations.

BankersOnline.com can help you write your comment letter. Just type in the words "Comment Letter" in the Search box, and Lucy Griffin will help you write yours. Or go to Ken Golliher's tips at www.bankersonline.com/aml/commentletter.

Copyright © 2004 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 14, No. 4, 7/05