FDIC Federal Register Citations

From: SNB [mailto:snbank@ruraltel.net]
Sent: Wednesday, July 14, 2004 10:51 AM
To: regs.comments@federalreserve.gov; Comments; regs.comments@occ.treas.gov; regs.comments@ots.treas.gov
Subject: EGRPRA

Consumer protection groups should not be invited to participate in discussion, panels, etc. These groups have agendas that do not reflect the desires of many consumers.

If the agencies want the opinions of consumers they should go directly to consumers and not through consumer protection groups.

If the agencies want to know what consumers really want, they need to advise consumers of the cost of each regulation versus its benefits. For example, RESPA should be reflected as a cost of increased charges or interest. If RESPA adds .2% to the cost of home loans the consumer should be asked (through polls) whether they are willing to pay the additional cost to obtain the benefits of RESPA regulations.

Consumers should have the ultimate say as to whether they want the protection of consumer protection regulations. Maybe they should be given the option of opting out of coverage of many regulations. One has to ask whether this is a free country or not. As a consumer I often don't want to be subjected to the coerced regulatory protections that some people want to impose on my life. I often don't want government looking over my shoulder to protect me. When they do I lose my liberty. I want to be free and responsible for myself.

John A Berkley
720 N 5th
Stockton, Ks 67669