The Honorable John M. Reich
Vice Chairman
Federal Deposit Insurance Corporation
550 17th Street
NW
Washington, DC 20429
Dear Mr. Reich;
I am writing
in response to your help request for "Regulatory
Burden Reduction Initiative". I am a veteran banker (45 years)
who has become increasingly frustrated with the amount of bank regulation
and regulatory reporting we, as bankers, have to deal with each and
every day.
1. The regulation that has created a major financial burden for
banks is the Graham, Leach, Bliley Act (GLBA).
2. We are a holding company and are therefore regulated by both
the Federal Reserve and the FDIC. My recommendation for reporting
relief
is a standardized call report that is acceptable to both regulatory
bodies.
3. I also recommend modifying lending related consumer protection
laws.
I hope this letter and those from my colleagues will help improve
the regulatory process.
Sincerely,
Joseph F. Jeamel, Jr.
Executive Vice President
