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AT CIRCULAR F ederal R eserve B ank of N ew Yo r k N E W Y O R K , N.Y. 1 0 0 4 - 5 - 0 0 0 1 A R E A C O D E 212 7 2 0 - 6 3 7 5 C h e s t e r B. F e l d b e r g M arch 2 2 , E x e c u t i v e V ice P r e s i d e n t 1993 TO THE CHIEF EXECUTIVE OFFICERS OF ALL STATE MEMBER BANKS, BANK HOLDING COMPANIES, AND DOMESTIC OFFICES OF FOREIGN BANKS IN THE SECOND FEDERAL RESERVE DISTRICT SUBJECT: INTERAGENCY POLICY STATEMENT ON CREDIT AVAILABILITY On March 10, 1993, the Federal Reserve and the other federal bank and thrift regulatory agencies announced a program directed at dealing with problems of credit availability, especially for small and medium-sized businesses. The program will focus on actions in the following five broad areas: • Lending to Small- and Medium-sized Businesses • Real Estate Lending Appraisals • Appeals of Examination Decisions and Complaint Handling • Examination Processes and Procedures • Paperwork and Regulatory Burden The agencies intend to complete virtually all of the changes proposed in the program within the next few months. As the specifics of any change are finalized, that change will be made and published while details of other changes are in the process of being finalized. The policy statement about the actions the agencies have planned is enclosed. The statement reaffirms the agencies' belief that it is in the interest of lenders, borrowers and the general public that creditworthy borrowers have access to credit. Questions on these matters may be directed to Barbara A. Klein, Manager, Domestic Banking Department, at (212) 720-8324. Yours sincerely Office of the Comptroller of the Currency Federal Deposit Insurance Corporation Federal Reserve Board Office of Thrift Supervision Interagency Policy Statement on Credit Availability March 10, 1993 P r o b le m s w ith th e a v a ila b ility o f c re d it o v e r th e la s t f e w y e a rs h a v e b e e n e s p e c ia lly s ig n if ic a n t f o r s m a ll- a n d m e d iu m - s iz e d b u s in e s s e s a n d fa rm s. T h is r e lu c ta n c e to le n d m a y b e a ttr ib u te d to m a n y f a c to rs , in c lu d in g g e n e ra l tre n d s in th e e c o n o m y ; a d e s ir e b y b o th b o r r o w in g a n d le n d in g in s titu tio n s to im p ro v e th e ir b a la n c e sh e ets; th e a d o p tio n o f m o re r ig o r o u s u n d e r w r itin g s ta n d a r d s a fte r th e lo s s e s a s s o c ia te d w ith s o m e la x itie s in th e 1 9 8 0 s ; th e r e la tiv e a ttr a c tiv e n e s s o f o th e r ty p e s o f in v e s tm e n ts; th e im p a c t o f h ig h e r c a p ita l r e q u ir e m e n ts , s u p e rv is o ry p o lic ie s , a n d e x a m in a tio n p ra c tic e s ; a n d th e in c re a s e in r e g u la tio n m a n d a te d b y r e c e n t le g is la tio n — s p e c ific a lly , th e F in a n c ia l I n s titu tio n s R e f o rm R e c o v e r y a n d E n f o r c e m e n t A c t (F I R R E A ) a n d th e F e d e ra l D e p o s it I n s u r a n c e C o r p o r a tio n I m p r o v e m e n t A c t (F D I C I A ). T h e f o u r f e d e r a l r e g u la to r s o f b a n k s a n d th rifts — th e O ffic e o f th e C o m p tr o lle r o f th e C u r r e n c y , th e F e d e ra l D e p o s it I n s u r a n c e C o r p o r a tio n , th e B o a rd o f G o v e r n o r s o f th e F e d e ra l R e s e rv e S y s te m , a n d th e O ffic e o f T h r if t S u p e rv is io n — r e c o g n iz e th a t in th e la s t s e v e ra l y e a r s th e b u ild u p o f c e r ta in r e g u la tio n s a n d p r a c tic e s h a s b e c o m e o v e rly b u r d e n s o m e . I n d e e d , th o s e r e g u la tio n s a n d - p r a c tic e s m a y h a v e , in s o m e c a s e s , s tif le d le n d in g , p a r tic u la r ly to s m a ll- a n d m e d iu m - s iz e d b u s in e s s e s th a t m e t p r u d e n t u n d e r w r itin g s ta n d a r d s . It is in th e in te r e s t o f le n d e rs , b o r r o w e r s , a n d th e g e n e ra l p u b lic th a t c r e d itw o r th y lo a n s be m ade. and S in c e e c o n o m ic g ro w th , e s p e c ia lly j o b g ro w th , is f u e le d p r im a r ily b y s m a ll- m e d iu m - s iz e d b u s in e s s e s , c r e d it a v a ila b ility to th o s e b o rro w e rs is e s p e c ia lly im p o r ta n t. A c c o r d in g ly , th e a g e n c ie s a re w o rk in g o n th e d e ta ils o f a n e w p r o g r a m to h e lp e n s u re th a t r e g u la to r y p o lic ie s a n d p r a c tic e s d o n o t n e e d le s s ly s ta n d in th e w a y o f le n d in g . L o a n s to c r e d itw o r th y b o r r o w e r s s h o u ld b e m a d e w h e n e v e r p o s s ib le , a s lo n g a s th e y a re f u lly c o n s is te n t w ith s a fe a n d s o u n d b a n k in g p ra c tic e s . - 2 - Background T h e n e w p r o g r a m is o n e a s p e c t o f a n o v e ra ll e ff o r t b y th e a g e n c ie s to e v a lu a te c a r e f u lly a n d r e a c t a p p r o p r ia te ly to r is k in th e U n ite d S ta te s f in a n c ia l s e rv ic e s in d u s tr y . T hat o v e r a ll e f f o r t e n v is io n s s u b s ta n tia l o v e rs ig h t, in s o m e c a s e s m o re th a n w e h a v e n o w , in a re a s th a t p o s e g r e a te r r is k to th e s y s te m . B y th e s a m e to k e n , r e g u la to r y b u r d e n w ill b e r e d u c e d w h e r e r is k is lo w , e s p e c ia lly f o r s tro n g , w e ll- m a n a g e d b a n k s a n d th rifts . p ro g ra m T h is is a ls o p a r t o f a b r o a d e r e ff o r t to e n s u re e q u a l c re d it o p p o r tu n ity f o r a ll A m e r ic a n s a n d to m a k e c re d it a n d o th e r f in a n c ia l s e rv ic e s a v a ila b le to lo w - a n d m o d e r a te in c o m e n e ig h b o r h o o d s a n d d is a d v a n ta g e d ru ra l a re a s. The Program T h e n e w p r o g r a m in v o lv e s a v a rie ty o f r e g u la to r y a n d o th e r a d m in is tra tiv e c h a n g e s w h ic h h a v e b e e n a g r e e d to in p r in c ip le b y th e a g e n c ie s . T h e s e c h a n g e s fa ll in to fiv e c a te g o rie s , e a c h o f w h ic h is d is c u s s e d b e lo w . Timing. T h e a g e n c ie s w ill w o r k to c o m p le te v irtu a lly a ll o f th e c h a n g e s o u tlin e d b e lo w w ith in th e n e x t th r e e m o n th s . O n c e th e s p e c ific s o f a n y o f th e c h a n g e s a re a g re e d u p o n , th a t c h a n g e w ill b e m a d e a n d p u b lis h e d , w h ile d is tr ib u tio n o f o th e r c h a n g e s r e m a in s to be m ade. 1. Eliminating Impediments to Loans to Small- and Medium-Sized Businesses Reducing Documentation. S tro n g a n d w e ll- m a n a g e d b a n k s a n d th rifts w ill b e p e r m itte d to m a k e a n d c a r r y a b a s k e t o f lo a n s w ith m in im a l d o c u m e n ta tio n re q u ir e m e n ts , c o n s is te n t w ith a p p lic a b le la w . T o e n s u re th a t th e s e lo a n s a re m a d e to s m a ll- a n d m e d iu m - s iz e d b u s in e s s e s , th e r e w ill b e a c e ilin g o n th e siz e o f s u c h lo a n s a n d lim its o n th e a g g r e g a te o f s u c h lo a n s a b a n k m a y m a k e . Encouraging Use of JudgmentVBorrower’s Reputation. T h e a g e n c ie s w ill is s u e g u id a n c e to m a k e it c le a r th a t b a n k s a n d th rifts a re e n c o u ra g e d to m a k e lo a n s to s m a lla n d m e d iu m - s iz e d b u s in e s s e s , p a rtic u la rly lo a n s in th e b a s k e t d is c u s s e d a b o v e , a n d to u se t h e i r j u d g m e n t in b r o a d ly a s s e s s in g th e c re d itw o rth y n a tu r e o f th e b o r r o w e r — g e n e ra l r e p u t a ti o n a n d g o o d c h a r a c te r a s w e ll a s f in a n c ia l c o n d itio n m a y b e e le m e n ts th e s e ju d g m e n ts . R e lia n c e on a b ro a d ra n g e o f fa c to rs w hen m a k in g in m a k in g a c r e d it O th e r Assets d e te r m in a tio n is e s p e c ia lly im p o rta n t. Other Assets Especially Mentioned. Im p r o p e r u s e E s p e c ia lly in h ib it M e n tio n e d (O A E M ) m ay of le n d in g th e c a te g o ry to s m a ll- of and m e d iu m - s iz e d b u s in e s s e s . A c c o r d in g ly , th e a g e n c ie s w ill c la rify th a t e x a m in a tio n a n d r a tin g p r o c e d u r e s d o n o t g r o u p O A E M lo a n s w ith c la s s if ie d lo a n s. - 3 - 2. Reducing Appraisal Burden and Improving the Climate for Real Estate T h e e x p e r ie n c e o f th e la s t d e c a d e h a s u n d e rs c o r e d th e im p o r ta n c e o f s o u n d u n d e rw ritin g s ta n d a r d s a n d e f f e c tiv e s u p e rv is io n f o r c o m m e rc ia l re a l e s ta te lo a n s . N o n e th e le s s , in c e r ta in in s ta n c e s r e g u la to r y b u r d e n s m a y b e a d v e rs e ly a ff e c tin g lo a n s to s o u n d b o r ro w e r s . T h is m a y b e p a r tic u la r ly so in th e c a se o f lo a n s s e c u re d b y re a l e s ta te th a t a re p r im a r ily u s e d f o r n o n - r e a l e s ta te b u s in e s s p u rp o s e s . R e a l e s ta te c o lla te ra l is o f te n p le d g e d f o r lo a n s to s m a ll- a n d m e d iu m - s iz e d c o m p a n ie s th a t h a v e f e w o th e r ta n g ib le a s se ts . Using Real Estate Appraisals Prudently. In s o m e cases c u rr e n tly r e q u ir e d re a l e s ta te a p p r a is a ls m a y n o t a d d to th e s a fe ty a n d s o u n d n e s s o f th e c re d it d e c is io n . In d e e d , in s o m e c a s e s , a p p r a is a ls m a y p ro v e so e x p e n s iv e th a t th e y m a k e a s o u n d s m a ll- o r m e d iu m s iz e d b u s in e s s lo a n u n e c o n o m ic a l. A c c o r d in g ly , th e a g e n c ie s w ill m a k e c h a n g e s to th e ir r u le s r e la tin g to re a l e s ta te a p p ra is a ls a lo n g th e fo llo w in g lines: • Accept Additional Collateral W h e n r e a l e s ta te is o f fe r e d a s a d d itio n a l c o lla te ra l f o r a b u s in e s s lo a n , b o th th e tim e a n d e x p e n s e in v o lv e d in o b ta in in g a n a p p ra is a l f ro m a c e rtif ie d o r lic e n s e d re a l e s ta te a p p r a is e r m a y d is c o u r a g e a b a n k o r th r if t f ro m ta k in g th e c o lla te r a l, m a y in c r e a s e th e c o s t o f c re d it s ig n if ic a n tly , o r e v e n m a y c a u s e th e lo a n n o t to b e m ade. In som e c o u n te r p r o d u c tiv e su ch f ro m cases, th e re a l e s ta te a p p ra is a l r e q u ir e m e n t a s a fe ty a n d s o u n d n e s s p e rs p e c tiv e . c o n s tr a in t o n c r e d it flo w s to s o u n d b u s in e s s e s m a y b e s u b s ta n tia l. is M o r e o v e r , th e A c c o r d in g ly , th e a g e n c ie s w ill a lte r th e ir re a l e s ta te a p p ra is a l ru le s so a s n o t to r e q u ir e a n a p p r a is a l b y a lic e n s e d o r c e r tif ie d a p p ra is e r f o r s u c h lo a n s. • Reexamine Appraisal Thresholds A p p r a is a ls c o n d u c te d b y lic e n s e d a n d c e rtif ie d re a l e s ta te a p p ra is e r s , e v e n o n re a l e s ta te o f m o d e s t v a lu e c a n b e q u ite c o s tly . In th e c a s e o f a s m a lle r lo a n , th e r e q u ir e m e n t o f a n a p p ra is a l b y a lic e n s e d o r c e rtif ie d re a l e s ta te a p p r a is e r m a y m a k e a s o u n d lo a n u n e c o n o m ic a l. A c c o r d in g ly , th e a g e n c ie s w ill r e e x a m in e th e ir e x is tin g r u le s to m a k e c e rta in th a t th re s h o ld s b e lo w w h ic h f o rm a l a p p ra is a ls a re n o t n e e d e d a re re a s o n a b le . • Limit Periodic Appraisals I n s o m e c a s e s re a l e s ta te a p p r a is a ls h a v e b e e n r e q u ir e d a f te r a lo a n h a s b e e n m a d e , a n d in c ir c u m s ta n c e s w h e re th e a p p ra is a l d id n o t a d d to th e s a fe ty a n d s o u n d n e s s o f th e lo a n . A c c o r d in g ly , th e a g e n c ie s w ill w o r k to m a k e c e rta in th a t re a l e s ta te a p p r a is a ls a re r e q u ir e d a f te r a lo a n is m a d e o n ly w h e n c le a rly n e e d e d f o r s a fe ty a n d s o u n d n e s s p u r p o s e s , p r o v id e d o f c o u rs e , th a t a ll r e q u ir e m e n ts u n d e r la w h a v e b e e n m e t. - 4 - Changing Rules on Financing of Other Real Estate Owned. C u r r e n tly , a c c o u n tin g a n d o th e r r u le s m a y d is c o u r a g e b a n k s a n d th r if ts fro m p r o v id in g f in a n c in g to b o r r o w e r s w h o w is h to p u r c h a s e r e a l e s ta te c la s s if ie d a s O th e r R e a l E s ta te O w n e d . T h e a g e n c ie s w ill r e v ie w r u le s r e la tin g to th e r e p o r tin g tre a tm e n t a n d c la s s if ic a tio n o f s u c h lo a n s a n d m a k e a p p r o p r ia te c h a n g e s to f a c ilita te f in a n c in g to c re d itw o rth y b o r ro w e r s , c o n s is te n t w ith s a fe a n d s o u n d b a n k in g a n d a c c o u n tin g p ra c tic e s . Reviewing In Substance Foreclosure Rules. T h e in a p p r o p r ia te u s e o f in s u b s ta n c e f o r e c lo s u r e r u le s h a v e r e q u ir e d fo re c lo s u r e v a lu a tio n tre a tm e n t o f lo a n s w h e n b o r r o w e r s w e r e c u r r e n t o n p r in c ip a l a n d in te r e s t p a y m e n ts a n d c o u ld r e a s o n a b ly b e e x p e c te d to re p a y th e lo a n in a tim e ly f a s h io n . T h e a g e n c ie s w ill w o r k w ith th e a p p ro p r ia te a u th o r itie s to a lte r th a t tr e a tm e n t a n d to c o o rd in a te a c h a n g e in a c c o u n tin g p r in c ip le s a n d r e p o r tin g s ta n d a r d s . Avoiding Liquidation Values on Real Estate Loans. L o a n s s e c u re d b y re a l e s ta te s h o u ld b e e v a lu a te d b a s e d o n th e b o r r o w e r ’s a b ility to p a y o v e r tim e , r a th e r th a n a p r e s u m p tio n o f im m e d ia te liq u id a tio n . T h e a g e n c ie s w ill w o r k w ith th e ir e x a m in a tio n s ta f fs to e n s u r e th a t re a l e s ta te lo a n s a re e v a lu a te d in a c c o r d a n c e w ith a g e n c y p o lic y . 3. Enhancing and Streamlining Appeals and Complaint Processes Appeals. It is im p o r ta n t f o r b a n k e rs to h a v e a n a v e n u e b y w h ic h th e y c a n o b ta in a r e v i e w o f a n e x a m i n e r ’s d e c is io n w h e n th e y w is h . h a s e s ta b lis h e d a n a p p e a ls p r o c e s s . F o r th a t re a s o n , e a c h o f th e a g e n c ie s T o e n s u re th e e ffe c tiv e n e s s o f th o s e p ro c e s s e s , e a c h a g e n c y w ill ta k e a p p r o p r ia te s te p s to e n s u re th a t its a p p e a ls p ro c e s s is f a ir a n d e f f e c tiv e . I n p a r tic u la r , e a c h a g e n c y w ill e n s u re th a t its p ro c e s s p r o v id e s a f a ir a n d s p e e d y r e v ie w o f e x a m in a tio n c o m p la in ts a n d th a t th e re is n o r e tr ib u tio n a g a in s t e ith e r th e b a n k o r th e e x a m i n e r a s th e r e s u lt o f a n a p p e a l. Complaints. E a c h o f th e a g e n c ie s h a s a p ro c e s s to h a n d le m o re g e n e ra l c o m p la in ts f ro m th e i n s titu tio n s th e y r e g u la te a n d fro m th e g e n e ra l p u b lic . A lth o u g h th e v o lu m e o f s u c h c o m p la in ts c a n b e h ig h , e a c h a g e n c y r e c o g n iz e s th a t r e v ie w in g a n d r e s p o n d in g to th e s e c o m p l a in t s is a n im p o r ta n t e le m e n t o f p r o p e r s u p e rv is io n . T h e a g e n c ie s a re p a r tic u la r ly c o n c e r n e d th a t c o m p la in ts o f d is c r im in a to ry le n d in g p r a c tic e s b e h a n d le d w ith th e u tm o s t s e r io u s n e s s a n d o n a n e x p e d ite d b a s is . A c c o r d in g ly , th e a g e n c ie s w ill r e v ie w th e ir c o m p la in t p ro c e s s e s to im p r o v e b o th th e c a re w ith w h ic h c o m p la in ts a re s c ru tin iz e d a n d th e tim e lin e s s o f re s p o n s e s . - 4. 5 - Improving Examination Process and Procedures Reducing the Burden of the Examination Process. A p r o p e r e x a m in a tio n o f a b a n k o r th r if t b y its v e r y n a tu r e in v o lv e s s o m e d is r u p tio n to th e e x a m in e d in s titu tio n . Such d is r u p tio n s , h o w e v e r , a re c o s tly to th e in s titu tio n a n d c a n in te r fe re w ith its c r e d it fu n c tio n s . It is h ig h ly d e s ir a b le th a t e x a m in a tio n d is r u p tio n s b e m in im iz e d . A c c o r d in g ly , th e a g e n c ie s h a v e a g r e e d to in te n s ify e ff o r ts to m in im iz e s u c h d is r u p tio n s a n d , in p a r tic u la r , to ta k e th e f o llo w in g steps: ( i ) e lim in a te d u p lic a tio n in e x a m in a tio n s b y m u ltip le a g e n c ie s , u n le s s c le a rly r e q u ir e d b y la w , ( i i ) in c re a s e c o o r d in a tio n o f e x a m in a tio n s a m o n g th e a g e n c ie s w h e n d u p lic a tio n is r e q u ir e d , a n d ( i i i ) e s ta b lis h p r o c e d u r e s to c e n tr a liz e a n d s tr e a m lin e e x a m in a tio n in m u ltib a n k o r g a n iz a tio n s . Refocusing the Examination Process. I f e x a m in a tio n s a re to fu lf ill th e ir f u n c tio n s in th e a re a s o f s a fe ty a n d s o u n d n e s s , fa ir le n d in g , a n d c o n s u m e r p r o te c tio n c o m p lia n c e , it is im p o r ta n t c o n s ta n tly to re e x a m in e th e e le m e n ts o f th e e x a m in a tio n to d e te r m in e w h e th e r th e p r o c e s s is e ff e c tiv e . S im ila r ly , r e g u la tio n s a n d in te r p re ta tio n s m u s t c o n tin u a lly b e a s s e s s e d to d e te r m in e w h e th e r th e y a re f u lf illin g th e s e f u n c tio n s . T o im p r o v e th e r e g u la to r y p ro c e s s , th e a g e n c ie s h a v e a g re e d to h e ig h te n th e ir e m p h a s is in e x a m in a tio n s o n r is k to th e in s titu tio n a n d to is s u e s in v o lv in g fa ir le n d in g in p la c e o f a r e a s th a t h a v e b e c o m e le s s p r o d u c tiv e o v e r tim e . A g e n c y p o lic ie s a n d p r o c e d u r e s w ill b e r e v ie w e d w ith th is f o c u s in m in d . Reducing Regulatory Uncertainty. U n c e r ta in ty is p a rt o f th e r e g u la to r y b u r d e n th a t b a n k s a n d th r if ts fa c e a n d th a t c o n tr ib u te s to th e ir re lu c ta n c e to m a k e s o m e c re d its a v a ila b le . T h is u n c e r ta in ty c a n s te m fro m a m b ig u o u s la n g u a g e in r e g u la tio n s a n d in te r p r e ta tio n s , f r o m d e la y s in p u b lis h in g r e g u la tio n s a n d in te r p re ta tio n s , a n d f ro m f a ilu re s to f o llo w u n if o r m e x a m in a tio n s ta n d a rd s th a t c le a rly r e f le c t a g e n c y p o lic ie s . A c c o r d in g ly , th e a g e n c ie s w ill r e v ie w th e ir re g u la tio n s a n d in te r p r e ta tio n s to m in im iz e a m b ig u ity w h e r e v e r p o s s ib le and w ill s te p up e ff o r ts to p u b lis h r e g u la tio n s and in te r p r e ta tio n s r e q u ir e d b y la w o r s o u n d r e g u la to r y p ra c tic e . In a d d itio n , th e a g e n c ie s w ill r e e m p h a s iz e to th e ir e x a m in e r s to f o llo w a g e n c y p o lic ie s a n d g u id e lin e s c a r e f u lly a n d a c c u r a te ly in c a r r y in g o u t e x a m in a tio n s a n d re v ie w in g a p p lic a tio n s . T h e a g e n c ie s w ill m a k e e v e r y e f f o r t to e n s u re th a t e x a m in a tio n a n d a p p lic a tio n p r o c e s s in g is p e r f o r m e d u n if o r m ly a c r o s s th e c o u n try . 5. Continuing Further Efforts and Reducing Burden Further Efforts. A d d itio n a l ite m s w ill b e r e v ie w e d f o r p o s s ib le c h a n g e . O n e ite m th a t w ill b e r e v ie w e d r e la te s to th e tr e a tm e n t o f p a rtia lly c h a r g e d - o f f lo a n s . U n d e r c u rr e n t p r a c tic e d e lin q u e n t lo a n s th a t h a v e b e e n p a rtia lly c h a rg e d o f f c a n n o t b e r e tu r n e d to - 6 - p e r f o r m in g s ta tu s e v e n w h e n th e b o r ro w e r is a b le to , a n d f u lly in te n d s to , p a y th e r e m a in in g in te r e s t a n d p r in c ip a l to th e b a n k in a tim e ly fa s h io n . T h e a g e n c ie s w ill w o r k to d e v e lo p c o m m o n s ta n d a r d s fo r d e te r m in in g w h e n a lo a n m a y b e r e tu r n e d to a c c ru a l sta tu s. Paperwork Burden. N o g o o d is s e rv e d b y f o rc in g b a n k s to b e a r a n e x c e s s iv e r e g u la to r y p a p e r w o r k b u r d e n . A c c o r d in g ly , th e a g e n c ie s h a v e b e g u n a n d w ill c o n tin u e to r e v ie w all p a p e r w o r k r e q u ir e m e n ts to e lim in a te d u p lic a tio n a n d o th e r e x c e s s e s th a t d o n o t c o n tr ib u te s u b s ta n tia lly to s a f e ty a n d s o u n d n e s s . Regulatory Burden. th rifts . It is n o t p a p e rw o rk a lo n e th a t u n n e c e s s a rily b u r d e n s b a n k s a n d R e g u la tio n s a n d in te r p r e ta tio n s a ls o m a y b e u n n e c e s s a rily b u r d e n s o m e . In s o m e c a s e s th e p a s s a g e o f tim e h a s m a d e r e g u la tio n s o u tm o d e d . In o th e r c a s e s th e re g u la tio n s m a y n o t h a v e f u lf ille d th e ir g o a ls . A c c o r d in g ly , th e a g e n c ie s a ls o h a v e b e g u n a n d w ill c o n tin u e to r e v ie w all r e g u la tio n s a n d in te r p r e ta tio n s to m in im iz e b u r d e n w h ile m a in ta in in g s a fe ty a n d s o u n d n e s s s ta n d a rd s .
@FedFRASER