From: Nancy Hobbs
Sent: Thursday, March 25, 2004 10:37 AM
To: regs.comments@federalreserve.gov; Comments; regs.comments@occ.treas.gov;
regs.comments@ots.treas.gov
Subject: EGRPRA
I am Cashier for a small national bank of under $150 million in assets.
I am also in charge of privacy. This bank had a net income last
year of approximately $492,000 and have to compete with internet
banks and the mega banks that have merged together. It disturbs
me that the government requires so much waste in time, expense
and resources on an annual privacy mailing. While I understand
that privacy is important, our bank has always prided itself --
even before the Gramm-Leach-Bliley Act -- on providing the utmost
in confidentiality to our customers. The annual cost of mailing
privacy notices which is currently required by the government is
over $6,000. The ultra large banks have the manpower and resources
to pay the costs of annual mail outs; however, it would be very
helpful to small community banks such as ours if privacy notices
would only be required at the onset of the customer relationship
and when any changes were made to policy.