Getting your player ready...
The Colorado Division of Banking no longer will require banks it oversees to file what are known as suspicious activity reports.
The reports are required by federal regulators. Until this month, banks had to file the same documents with the state.
State banking commissioner Chris Myklebust said the change is making good on a promise he made when he got the job last summer to cut unnecessary regulation.
“The SARS reports were already being filed with federal regulatory agencies, and we were requiring the banks to file them with us within three days of their federal filings,” he said. “But it’s unnecessary. We can access those same reports from the federal regulators.”
Read more of the article at DailyCamera.com.
