WASHINGTON — More than 80 existing regulations are in need of review and reform, small business owners and others including NAFCU said in response to the Small Business Administration Office of Advocacy's Regulatory Review and Reform (r3) initiative.

The initiative is designed to identify and address existing federal regulations that should be revised because they are ineffective, duplicative, or out of date, according to SBA. Of the 80 nominations submitted, the top 10 rules will be transmitted to the appropriate federal agencies sometime this spring for review, the agency said.

In order to track agency progress, the recommended reforms will be posted on SBA Office of Advocacy's Web site at http://www.sba.gov/advo/index.html and an update on the status of reforms will be published twice a year.

NAFCU suggested a number of areas in need of reform including Regulation D, which implements the reserve requirements for depository institutions pursuant to the Federal Reserve Act by increasing the six-transfer limitation for sweep accounts. The trade association also said Regulations Z and E, which, addresses the Truth in Lending Act and the Electronic Fund Transfers Act, respectively, need reform and it supports efforts to simplify and improve the process for obtaining mortgages under the Real Estate Settlement Procedures Act.

According to SBA's Office of Advocacy, it costs the nation's economy $1.1 trillion each year to comply with federal regulations, with small businesses paying 45% per employee to ensure that they are in compliance.