WASHINGTON - Federal Reserve Board Governor Edward M. Gramlich raised the possibility Thursday that rules enforcing the so-called sunshine provisions of the new financial reform law might require financial institutions and community groups to submit audited financial statements."Supposing it were true, the way the regulations were written, that parties [to Community Reinvestment Act agreements] just had to submit an audited financial statement. How burdensome would this be?" Mr. Gramlich asked bankers and community group representatives at a meeting of the Fed's Consumer Advisory Council.
"The burden is going to be enormous for less-sophisticated nonprofits that don't have the money to conduct audits," said Marta Ramos, CRA officer at Banco Popular de Puerto Rico.