SMALL
BUSINESS ADMINISTRATION
April 15, 2004
Via Electronic Mail
Communications Division
Public Information Room
Mailstop 1-5
Office of the Comptroller of the Currency
250 E Street, SW
Washington, DC 20219
Docket No. 04-05
Jennifer J. Johnson, Secretary
Board of Governors of the Federal Reserve System
20th Street and Constitution Avenue, NW
Washington, DC 200551
Re: Docket No. R-1180
Robert E. Feldman, Executive Secretary
Attention: EGRPRA Burden Reduction Comments
Federal Deposit Insurance Corporation
550 17th Street, NW
Washington, DC 20429
Regulation Comments
Chief Counsel’s Office
Office of Thrift Supervision
1700 G Street, NW
Washington, DC 20552
Attention: No. 2003-67
Re: Request for Burden Reduction Recommendations; Consumer Protection;
Lending Related Rules; Economic Growth and Regulatory Paperwork Reduction
Act of 1996 Review
Dear Sir/Madam:
The Office of Advocacy of the U.S. Small Business Administration
submits this comment letter in response to the above-referenced
Notice of Regulatory Review. Congress established the Office of
Advocacy (Advocacy) under Pub. L. 94-305 to represent the views
of small business before Federal agencies and Congress. Section
612 of the Regulatory Flexibility Act (RFA) requires Advocacy to
monitor agency compliance with the RFA, as amended by the Small
Business Regulatory Enforcement Fairness Act1. Advocacy is an independent
office within the Small Business Administration (SBA), so the views
expressed by Advocacy do not necessarily reflect the views of the
SBA or of the Administration.
Notice of Regulatory Review
On January 21, 2004, the Office of the Comptroller of the Currency,
the Federal Reserve System, the Federal Deposit Insurance Corporation,
and the Office of Thrift Supervision (collectively, the agencies)
announced that they were reviewing their regulations to identify
outdated, unnecessary, or unduly burdensome regulatory requirements
pursuant to the Economic Growth and Regulatory Paperwork Reduction
Act of 1996 (EGPRA). The agencies stated that they were particularly
interested in comments and suggestions on ways to reduce burden in
Consumer Protection: Lender-Related Rules.
Advocacy commends the agencies for requesting comments and suggestions
on ways to reduce the regulatory burden. Advocacy is particularly
pleased that in addition to seeking comment on the extent to which
the regulations may adversely affect competition, the agencies are
specifically requesting comment on the cost of compliance associated
with reporting, recordkeeping, and disclosure requirements, particularly
on small financial institutions. Advocacy encourages the agencies
to give full consideration to the comments filed by small financial
institutions and to take the necessary steps to reduce any undue
regulatory burden.
The Agencies’ Obligations Under the RFA
Even when reducing regulatory burden, Advocacy encourages agencies
to provide an appropriate RFA analysis at the time that the proposed
regulatory changes are published. Performing the RFA analysis allows
agencies to demonstrate the positive economic impact that the reduction
in regulatory burden will have on small financial institutions.
Information about RFA compliance can be found in A Guide for Federal
Agencies: How to Comply with the RFA, which is available at http://www.sba.gov/advo/laws/rfaguide.pdf.
The Office of Advocacy is available to work with the agencies to
ensure compliance with the RFA prior to the publication of a proposed
rule. If you have any questions, please feel free to contact the
Office of Advocacy at (202) 205-6533. Thank you for the opportunity
to comment on this important notice.
Sincerely,
Thomas M. Sullivan
Chief Counsel for Advocacy
Jennifer A. Smith
Assistant Chief Counsel
for Economic Regulation & Banking
________________________________________
1 Pub. L. No. 96-354, 94 Stat. 1164 (1980) (codified at 5 U.S.C. §§ 601-612)
amended by Subtitle II of the Contract with America Advancement Act, Pub. L No.
104-121, 110 Stat. 857 (1996). 5 U.S.C. § 612(a).
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