ARLINGTON, Va. — NAFCU reiterated its position on a number of areas needing regulatory relief in response to a Small Business Administration call for feedback on existing regulations in need of reform.
The SBA's Office of Advocacy's Regulatory Review and Reform Initiative, or r3, is designed to identify and address existing federal regulations that should be revised because they are ineffective, duplicative, or out of date. Research from the agency shows that complying with all federal regulations costs $1.1 trillion annually. Small businesses pay 45% more per employee to comply with federal regulations than big businesses do, the agency said.
NAFCU suggested reforming Regulation D, which implements the reserve requirements for depository institutions pursuant to the Federal Reserve Act by increasing the six transfer limitation, wrote Dan Berger, NAFCU senior vice president of government affairs, in a Dec. 28 letter to SBA.
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