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FDIC Federal Register Citations
Kansas Bankers Association May 4, 2005 Office of the Comptroller of the Currency Federal Reserve Board of Governors Federal Deposit Insurance Corporation Office of Thrift Supervision Re: Request for Burden Reduction Recommendations Federal Banking Regulatory Agencies: Thank you for the opportunity to share with you, comments that the Kansas Bankers Association has received from our members on this most important topic. The KBA is a non-profit organization having as its members, 356 of the 359 Kansas banks as members. In order to help us draft a meaningful comment letter, we asked our members to complete a questionnaire that listed the regulations dealing with: Money Laundering, Safety and Soundness and Securities rules about which the banking agencies are seeking comments. The questionnaire asked our members to consider the requirements of each regulation and comment on whether the requirements were outdated, inconsistent, duplicative, unnecessary, or unduly burdensome. The following is a compilation of the results of the answers received on the questionnaire: Bank Secrecy Act.
Reports of Crimes or Suspected Crimes.
Appraisal Standards.
Lending Limits.
Conclusion. At the close of the questionnaire, we asked the respondents to list the most burdensome regulations with #1 representing their highest frustration. The overwhelming majority listed BSA compliance at the top of the list. In a world where terrorism is a very real threat, bankers are ready and willing to step up and do their part to combat the financing of terrorism. However, there is a belief that the current regulation does little to assist in these efforts as most of the paperwork is ignored or lost in the shuffle. The mindset of the typical banker is that of an A student - he or she wants to comply with every rule and regulation. They want the bank to get a good grade, but when the reasons for the rule become obsolete or are unclear, it is difficult to inspire even these top caliber students. We commend the federal banking regulators efforts at a meaningful reduction of some of these uninspirational rules and regulations.
Sincerely, Charles A. Stones
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Last Updated 05/03/2005 | regs@fdic.gov |