WASHINGTON — After reviewing some 80 nominations of regulations in need of review or reform, the Small Business Administration's Office of Advocacy has released the top ten submissions, none of which included suggestions from the credit union industry.
The SBA's Office of Advocacy's Regulatory Review and Reform Initiative, or r3, was designed to identify and address existing federal regulations that should be revised because they are ineffective, duplicative, or out of date, according to the agency.
Both CUNA and NAFCU suggested several areas in need of reform and review including Regulation D, the Bank Secrecy Act and Anti-Money Laundering Law, Real Estate Settlement Procedures Act among others.
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SBA said the top ten submissions were:
- Update air monitoring rules for dry cleaners to reflect current technology (Environmental Protection Agency)
- Flexibility for community drinking water systems (EPA)
- Simplify the rules for recycling solid wastes (EPA)
- Clearly define "oil" in oil spill rules (EPA)
- Update flight rules for the Washington, D.C., regional area (Federal Aviation Administration)
- Eliminate duplicative financial requirements for architect engineering services firms in government contracting (Federal Acquisition Regulation Council)
- Simplify the home office deduction (IRS)
- Update rules on the use of explosives in mines to reflect modern industry standards (Mine Safety and Health Administration)
- Review the medical/laboratory worker rule (Occupational Safety and Health Administration)
- Reverse auction techniques for online procurement ( Office of Federal Procurement Policy)
The rules have been transmitted to the appropriate federal agencies for their action, according to SBA's Office of Advocacy.
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