FDIC Federal Register Citations

The Bank

From: Jeff Boudreaux
Sent: Tuesday, September 25, 2007 9:34 AM
To: Comments

Subject: Garnishment Statement

Your press release dated September 19, 2007 is seeking comments from bankers about your proposed prohibition of collecting loan payments, account fees and any other bank service fee by attaching federal payments deposited in bank accounts.

I continue to be appalled at the government’s perceived master plan to equalize all individual’s financial assets by playing “Robin Hood”, take from the working people and give it to the non working class as entitlements.

An individual, regardless of the net worth, has the right to apply and receive funds from loan proceeds. These proceeds can be used for anything. The bank, according to Reg “B”, must consider federal payments as part of their qualifying repayment ability. Now your proposed regulation, which mandates the federal payment consideration, states that if this proposed regulation passes that we cannot and do not have the legal right to offset the funds in their account. This is absurd!!

Your statement, that it may create a hardship for federal payment recipients, should not be considered. What about the working person? This would also have a hardship. Banks should not be forced to determine the source of funds in an account.

If this regulation passes the ability of one to receive a loan using any federal payment as income will be jeopardized.

The continuous regulatory burden placed on banks has become a compliance nightmare. When are we going to get relief?

Jeff Boudreaux
President & CEO
The Bank