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Friday, October 3, 2014

AAF Suggests Opportunities to Streamline Regulation

The American Action Forum (AAF) recently reviewed the paperwork requirements for the FDIC, OCC and the Federal Reserve. The AAF observed that the three agencies could streamline financial regulations, alleviating some of the regulatory burden on financial institutions, by moving to electronic reporting, reviewing large paperwork collections and consolidating similar requirements.

According to the study, the Sarbanes-Oxley Act and the Dodd-Frank Act added a combined $30 billion in regulatory costs. Also, the Federal Reserve, FDIC and the OCC combine for more than 36.7 million hours of paperwork requirements.

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