From:
Debbie Gevedon [mailto:debbie.gevedon@cbwl.cc]
Sent: Wednesday, May 04, 2005 11:45 AM
To: Comments
Subject: EGRPRA
To whom it may concern:
Thank you for the opportunity to your request for regulatory
for burden relief, as published at 70 FR 5571. I am the
Compliance Officer for Commercial Bank in West Liberty,
KY. In addition to monitoring compliance in all aspects
of our bank, I have also been designated to perform the
day to day monitoring of BSA.
Our bank is a community bank. We strive to do the best
job possible to serve the community and its members.
Often that attempt to serve is hampered by undue and
unnecessary regulatory burden. Although that has been
the case, increasingly, since the 1970's, it has become
especially burdensome since the September 11 terrorist
attacks. While we understand the need to secure our country
and its financial infrastructure, I question whether
the regulations, as implemented and enforced are accomplishing
that goal.
Specifically, I am concerned about the following:
Bank Secrecy Act. Compliance with this Act and its regulations
is one of the most expensive and time consuming in our
bank. Complex regulations lack clear and consistent guidance
for bankers or examiners. We hear from enforcement agencies
that information from the data we collect is useless
in the form presented. Penalties are severe for unintentional
or misunderstood noncompliance. The regulations need
to be streamlined and clarified. Examiners should look
to advise and assist institutions with compliance rather
than punish. Before any amendments will be successful,
the data compilation must be re-designed in such a way,
and tested, to ensure that law enforcement will and can
utilize it. Otherwise, the regulatory burden cannot be
justified for the bank or the consumer.
Money Service Business. While this crosses over to other
areas of comment made in this letter, it is worthy of
separate comment. Banks should not be expected to monitor
the individual activities of each of its customers, absent
suspicious activity or statutory/regulatory mandates.
The recent examination efforts with regard to MSBs has
proven that the response will be that financial institutions
will no longer be willing to shoulder the potential risks
associated with customers who are potentially MSBs. The
burden of reporting should be placed on actual MSBs,
not the bank.
USA Patriot Act. Many of the comments for BSA, above,
are equally applicable to these requirements. There needs
to be more clarification as to acceptable and appropriate
identification standards. In addition, those standards
must be consistent with the documentation and information
available and verifiable in the various states.
Regulation D. The restrictions on transfers and the paying
of interest on certain deposit account are archiac. These
restrictions should be removed.
Again, thank you for this opportunity to comment.
Sincerely,
Deborah Gevedon
Compliance Officer
Commercial Bank
West Liberty, KY
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