The federal banking agencies held the first of five banker outreach meetings, coordinated by the FDIC, to discuss regulatory burden. Approximately 50 Florida bankers joined representatives from the FDIC, Federal Reserve, OCC and OTS in Orlando to discuss issues surrounding regulatory burden, identifying items that are outdated, unnecessary or unduly burdensome. Congress ordered this review process in the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) of 1996. Jim McKillop, president and ceo of the Independent Bankers Bank of Florida, represented the ICBA on a banker panel.
To help them gather information on regulatory burden, the agencies will hold four more banker outreach meetings across the country. In a roundtable format, bankers will discuss which regulations cost the most, whether the costs outweigh the burdens, which regulations are most burdensome for the bank, which create a competitive disadvantage, whether certain regulations are inconsistent or redundant, and whether regulations act as a barrier to customer service. The agencies intend to summarize the feedback, take action where they can and make recommendations to Congress where legislative changes are needed. Upcoming meetings are scheduled for St. Louis (June 26), Denver (July 15), San Francisco, (September 18) and New York City (October 15). Additional meetings may be scheduled for 2004.