From: Rodney Kolb
Sent: Friday, February 27, 2004 4:03 PM
To: regs.comments@federalreserve.gov; Comments; regs.comments@occ.treas.gov;
regs.comments@ots.treas.gov
Subject: EGRPRA
Re: EFFORT TO REDUCE REGULATORY BURDEN
As the First State Bank of Wabasha’s compliance officer, I am
busy reading FIL-10-2004 and it
mentions contacting you with comments on how to reduce regulatory burden.
Let me take a minute
of your time and respond to that!!!!
The First State Bank of Wabasha, is found in Wabasha County, State
of Minnesota; recently our county was included into the list
of counties that need to do HMDA. The only reason I sat up and took
note was because of the civil money penalties
that could result. Otherwise, it is a joke. We are a community of 3000
and there
is no community within Wabasha County large enough to be considered
metropolitan. The reason our county
was included, is because Olmsted County, which includes Rochester,
MN was recently designated as such.
The work necessary to fill out the LAR, given that we are a small community,
is a waste of time and effort.
There is something truly wrong here and the FDIC SHOULD REEVALUATE THEIR DECISION
TO INCLUDE WABASHA COUNTY AS A MSA THAT HAS TO DO HMDA.
Rodney W. Kolb
Compliance Officer
First State Bank of Wabasha
