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FDIC Federal Register Citations

Community State Bank, N. A.
 
From: Cindy Williams [mailto:CWilliams@bankcsb.com]
Sent: Friday, September 16, 2005 10:31 AM
To: Comments
Subject: RIN 3064-AC91
 

Thank you for providing the opportunity to comment on the proposed revisions to revise the Annual Independent Audits and Reporting Requirements of 12 CFR Part 363.   Our institution, Community State Bank, N.A., is a community bank with assets of $525 million located in Ankeny, Iowa with approximately 178 employees.  

 

We have carefully reviewed the proposal and request that you consider the following comments.

 

We support the proposed change to the requirements of 12 CFR Part 363 which would reduce the regulatory burden and cost to smaller community banks.  However, we understand and support the fact that this reduction in burden does not also reduce the importance of internal control standards.

 

As a community financial institution, our operations are not complex in nature, but rather are generally limited to the taking of deposits and the making of loans within our geographical community.  These activities carry a lower inherent risk than activities associated with billion and multi-billion dollar banks with more complex banking services.

 

As a family owned community bank our resources are limited.  By removing the requirements that audit committee members be independent of management, this change would allow our community bank to more successfully establish and maintain an audit committee.  However, in accordance with the proposed changes, we would make good faith efforts to obtain audit committee members who are independent of management if possible.

 

Overall, we feel the proposal would significantly reduce regulatory burden on community banks while still upholding the principles of safe and sound banking practices.

 

Thank you for the opportunity to comment on this proposed rule.
 

Cindy Williams, CRCM, AAP
Compliance Officer
Community State Bank, N.A.
817 N. Ankeny Blvd.
Ankeny, Iowa  50021

 


Last Updated 09/19/2005 Regs@fdic.gov

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