The banking industry is spending nearly seven times as much money collecting data to comply with the Community Reinvestment Act as regulators originally estimated, according to revised interagency calculations.

In May the banking agencies published a notice in the Federal Register saying that the industry spends 1.25 million hours a year to collect data on the loans covered by the 1977 law, which is at the center of disputes over financial reform legislation. That was significantly higher than the previous estimate, roughly 186,464 hours, made in 1995. But the agencies did not publish how that translates into dollars.

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