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FDIC Federal Register Citations

via e-mail

Sent: Monday, June 16, 2003 7:30 PM
To: Comments
Subject: Regulatory Publication and Review Under the Economic Growth and Regulatory Paper

Dear FDIC Staff:

     Thanks for this opportunity to comment.  My comments are based upon my thirty plus years experience in the banking and lending industries.

1.  Reg C, the Home Mortgage Disclosure Act, needs to be abolished.  It has never produced any meaningful results, yet it has cost millions of dollars in man-hours to keep up with this required paperwork.  These statistics are of no use anymore.

2.  The Community Reinvestment Act needs to be abolished.  It too serves no meaningful purpose anymore.  Report after report is issued by the FDIC showing everyone in compliance.  Very rarely are their any examples of institutions not in compliance.  Rather than make everyone submit to this useless paperwork, you should deal with the very, very few that are a problem.  This also will save millions in useless work.

Best regards,

Don Coker
Banking, Management & Economic Consultant
1600 Sugar Creek Drive, East
Mobile, AL 36696-2728  USA

Tel.:  (251) 633-0180
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Last Updated 06/24/2003

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