From: Emma Scott [mailto:Escott@seviercountybank.com]
Sent: Tuesday, April 20, 2004 4:30 PM
To: regs.comments@federalreserve.gov; Comments; regs.comments@occ.treas.gov;
regs.comments@ots.treas.gov
Subject: EGRPRA
Vice Chairman
John Reich
Federal Deposit Insurance Corporation
Gentlemen:
I worked in
a small town bank as a loan officer (I now serve on the Board of
Directors) when the Regulations started, in particular Reg Z (1969),
it was quite a shock and adjustment to make especially since our
customers were use to simple and fast service in particular when
requesting a loan, they expected "same day service."
Having attended one of the first meetings on Reg Z, it was my understanding
that the whole concept was to protect the consumer of unfair lending practices
and undue hardships. As years have gone by and Regulations have changed and
increased, small banks have tried to comply in facilitating the loans as mandated
which in essence took more man hours creating more cost to the bank and then
the charges were passed on to the customer.
My sole purpose in writing is to ask for consideration of re-evaluating the
regulations to help keep down the cost of loans so small banks could take advantage
of low interest rates and still survive. This all goes back to the main idea
that the purpose of Regulations is to protect the consumer and not penalize
them for requirements.
I thank you in advance for your consideration of re-evaluating the Regulations
and simplify them to benefit both consumer and bank.
Respectively
yours,
Richard C. Isenberg
Director of Sevier County Bank