"We're from the Fed, and we want to help you"
We won't blame you for being skeptical, but this is real. The Federal Reserve Board just proposed amendments to five of its regulations that could provide your bank significant savings in postage, paper, fraud losses, and new account costs. Learn how you can lay the groundwork now to reap the benefits for your institution.
Ka-ching! The Sound of Your Comment Letter Striking Pay Dirt
The catchphrase to describe what bankers purport to want is "reg burden reduction." If the idea of reducing the time and cost burden of complying with regulatory requirements appeals to you, it's time to fire up the keyboard (or put pen in hand) and write a comment letter that has a greater chance of actually making a big difference than virtually anything we've seen in a while.
Under proposed Department of Defense regulations, lenders would need to give a form to every consumer credit applicant to ascertain whether the person was a servicemember or covered dependent. Then, if he or she is, the lender will have to deliver a whole new set of
oral and written disclosures and will need to compute and disclose a new rate called the Military APR. Doesn't sound good, does it?
But comment letters may save the day, because DOD is requesting comment on whether insured depository institutions should be exempted from the definition of "creditor" under the rule. If they are exempted, the rule won't apply to them. How's THAT for reg burden reduction? Start writing. Comment letters must be received by June 11, 2007. In our article we offer short, sweet suggestions, provide a link to the proposal, and tell you how and where to send your comments, and give you a way to go peek at what others have already submitted.
Did you know that you can receive announcements about new Executive Briefings via email? We have a special Executive Briefing email list. It's free! Click here to subscribe.
Don't miss a single issue of Executive Briefing. Below you will find a link to the archives page.
BankersOnline is a free service made possible by the generous support of our advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all banking professionals. Support our advertisers and sponsors by clicking through to learn more about their products and services.
Print Friendly!
Email This Article!
Discuss NOW!
