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.