“The Office of Thrift Supervision (OTS) announced the release of a report to Congress on the interagency regulatory burden reduction effort spearheaded by OTS Director John Reich. The report details progress of the federal bank, thrift and credit union agencies on eliminating outdated, unnecessary and overly burdensome regulations. The 259-page report, issued by the member agencies of the Federal Financial Institutions Examination Council, examines issues such as easing requirements for regulated institutions to file reports on currency transactions and suspicious activities under the Bank Secrecy Act, and streamlining customer identification requirements under the USA Patriot Act. The report, which fulfills requirements of the Economic Growth and Regulatory Paperwork Reduction Act of 1996, was issued by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency and the Office of Thrift Supervision.”