At the end of our April 1978 item in the Antecedent column on page 44, bankers note that the paperwork burden has reached “crisis proportion in the business and banking world.” Three and a half decades later, the burden has only grown. Think of the resources devoted to the filing of Currency Transaction Reports and Suspicious Activity Reports – reports that largely go unread.
And government wants to add to the burden. The Consumer Financial Protection Bureau, for example, is interested in expanding the obligation to report Home Mortgage Disclosure Act data to more banks . . .
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