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Gogebic Range Bank


From: Neil Beckman 
Sent: Tuesday, July 27, 2004 9:00 AM
To: comments@fdic.gov.
Subject: 

To Whom It May Concern:

RE: Part 334 of FDIC’s Rules and Regulations

Section 214 of the FACT Act:

First: Can you complicate matters anymore. This is a very simple premise: do not share information unless a customer gives you specific written permission. This is a total of 50 words to write the whole act. This is how it should be. Not 20,000+.

Second: The estimated annual cost of $ 2,286 is off by about $ 40,000 to 100,000 annually. 

By convoluting the whole concept this rule will cost even small institutions about $ 50M to $ 100M to ensure compliance. 

Nice job in screwing this up people. 

Neil J. Beckman
President & CEO
Gogebic Range Bank

 

Last Updated 07/26/2004regs@fdic.gov

Last Updated: August 26, 2024