WASHINGTON — Small business owners and others including NAFCU have nominated more than 80 existing regulations for review and reform 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identify and address existing federal regulations that should be revised because they are ineffective, duplicative, or out of date, according to SBA.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 ten rules will be transmitted to the appropriate federal agencies sometime this spring for review and reform, 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.
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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. The trade association also said Regulations Z and E, which, addresses the Truth in Lending Act and the Electronic Fund Transfers Act respectively needs reform.
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