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FDIC Federal Register Citations



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FDIC Federal Register Citations

From: David Baker [mailto:jivemonkey@hotmail.com]
Sent: Wednesday, September 15, 2004 8:07 AM
To: Comments
Subject: CR

Here is just one source of info I read that should deter this from continuing:

Now the focus is on the Federal Deposit Insurance Corp., which regulates most small banks. Regulatory Risk Monitor said many observers expect the FDIC to follow the lead of OTS and adopt the $1 billion threshold. Banks’ allies in Congress are calling for uniformity in regulation. “We are once again creating an uneven playing field that competitively weakens small and independent community banks. It is particularly ironic that regulators continue to disadvantage our rural and small-town banks, when they are community re-investors in the truest sense of the word,” said Rep. Spencer Bacchus, R-Ala., chairman of the House Financial Institutions and Consumer Credit Subcommittee.

If the FDIC follows suit, 74 percent of the banks now considered “large” by FDIC would be considered “small,” according to an analysis of FDIC data by the Center for Rural Strategies, based in Whitesburg, Ky. That would include all those in Idaho and Wyoming, 92 percent in Maine and Montana, 89 percent in Arkansas, Iowa and Minnesota, and between 80 and 87 percent in Colorado, Georgia, Illinois, Kansas, Kentucky, Louisiana, Missouri, North Carolina, Tennessee, Vermont, Virginia and Wisconsin. Kentucky’s figures are typical: 25 of the 30 “large” banks would become “small,” a reduction of 83 percent.

Even if the FDIC does not raise its threshold, members of Congress are discussing legislation to raise it. Either way, that spells trouble for rural areas and inner cities where some banks have considered investment relatively risky, say supporters of the current threshold. “It’s a bad thing if the OTS goes along with this. It’s an awful thing if the FDIC goes along,” Judy Kennedy, president of the National Association of Affordable Housing Lenders, told American Banker magazine.

Excerpt from Rural Blog.

Please stop the trend this admin. has of ALWAYS putting money before people!

Truly,
David Baker
Williamsport, IN

 

Last Updated 09/16/2004 regs@fdic.gov

Last Updated: August 4, 2024