FDIC Federal Register Citations

From: David Young [mailto:dyoung@citizensada.com] 
Sent: Monday, July 12, 2004 12:12 PM
To: Comments
Subject: Part 327 - Certified Statements 

Sirs:
After having read the proposed rule, I have the following comments:
1. The paperwork burden being reduced will be greatly appreciated. I believe the steps being proposed are fully justified, and will assist all internet ready institutions in the fulfillment of this obligation. I am concerned about the possibility of this being seen as an unfunded mandate to those institutions that do not have internet access. Quite possibly, this program should initially be introduced as a bank determined option, rather than a mandate. I believe most banks will accept this form of delivery as their preferred option.
2. I believe that as a condition of the banks’ accepting this report delivery method, the FDIC should be obligated to deliver to the primary and secondary contacts at each institution, an e-mail notifying them of the availability of the report, and strongly suggesting that the institution retrieve a copy of the document for verification of accuracy. If this program is set up as an option for the institution, you may want to include a tracking system to determine those banks that have not pulled the report, and generate either a reminder e-mail, or send out a paper copy.

Thank you for considering my opinions on this.
David Young,
Vice President,
Citizens Bank of Ada