FDIC Federal Register Citations

Sevier County Bank


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