Citizens State Bank of Loyal
EGRPRA
Office of the Vice Chairman
550 17th St. NW, MB-6000
Washington, DC 20077-5468
Mr. John M. Reich,
I was recently reviewing the regulations.that we as banks must adhere
to. I was once again surprised to see REG A thru Z and AA thru EE.
We are a $96
million dollar bank serving the needs of the 10th poorest county
of 72 in the state of Wisconsin. I find myself and my staff
spending far too much time on making sure that the regulations are
followed to the letter that have very little benefit to our hard
working customers.
80% of our county is directly employed in agriculture. We support
many community organizations, schools, Cooperative Extension, FFA,
4H and other causes for children and adults. CRA is our business.
But I thank you for moving those time consuming reports to banks
above $500 million. We will do CRA if you require it or not.
There are other regulations that need to be addressed such the Right
of Recession and Truth in Lending. Many of these regulations were
enacted do to exceptions and the general public has benefited little.
It has resulted in unnecessary and few consumers reading the fine
print. The assumption in many cases is that consumers know nothing.
Your help in sun-setting regulations would be appreciated. If we
say nothing your assumption is that all of these regulations are
okay. Many are not needed and
burdensome.
Sincerely
Gary F. Sipiorski, President
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