WASHINGTON -- The government can reduce the regulatory burden and ensure the industry's profitability if it eliminates three of the five banking agencies, a leading financial-services analyst said Tuesday.

Eugene J. Sherman, senior vice president and director of research for M.A. Schapiro & Co., told members of the National Economists Club that the country does not need the Office of the Comptroller of the Currency, the Office of Thrift Supervision, or the National Credit Union Administration.

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