WASHINGTON -- Consumer activists and bankers clashed Wednesday as a House Banking subcommittee got down to work on legislative proposals to ease the paperwork burden on banks.

Banks file 27,000 currency transaction reports a day, "at a cost of $18 each," said C. Kendric Ferguson, chairman of the National Bank of Commerce, Altus, Okla.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.