Comments on the FDIC's proposed changes to their regulation of the Community Reinvestment Act (RIN3064-AC50) which would repleace the three part test with the lending and community development test for FDIC banks between $250 million and $1 billion in assets.

Comment letter on the proposed interagency guidance on overdraft protection finds that the the guidance will not protect consumers from a risky “service” that effectively amounts to a short-term, high-rate loan program.  Suggests that bounced check loans ought to be regulated under the Truth in Lending Act rather than the Truth in Saving Act.  TILA coverage would require that banks disclose the APR, solicit the affirmative assent of the consumer before enrolling them in a bounced check loan product, and ensures private right of action.

Comment letter on the proposed housing goals for Fannie Mae and Freddie Mac covering years 2005 to 2008.  The letter suggests that stronger goals are necessary  in the areas of increasing homeownership among minorities, fighting predatory refinance lending, and improving access to financing for affordable multi-family rental housing.

Comment letter opposing the proposed CRA regulation would change the definition of “small bank” from any institution with less that $250 million in assets and not part of a holding company with over $1 billion in assets to include all institutions with less than $500 million in assets regardless of holding company size. This change will dramatically increase the number of banks considered “small” that, for CRA purposes, are not examined for their levels of community investment and services under the streamlined small bank CRA examination.

Comment letter on Bank of America’s proposed 2003 acquisition of Fleet.  Woodstock Institute requests that the Federal Reserve Bank of Richmond and the Federal Reserve Board hold multiple public hearings on Bank of America’s acquisition of Fleet.

Woodstock Institute's comment letter opposing the OCC preemption of state consumer protection statutes for national banks. This preemption removed much of the consumer and fair lending authority previously granted to states by Congress and failed to provide a national policy to protect borrowers from abusive lending practices.

Comment letter opposing any changes to the Section 326 customer identification rules that would not allow financial institutions to accept certain types of foreign government-issued identification, such as the Matricula Consular card, to open bank accounts for immigrants.  The letter states that the use of the Matricula Consular card has allowed thousands of families of Mexican origin to access financial services in the traditional banking sector rather than pay exorbitant rates at check cashers and payday loan stores.

Woodstock Institute strongly urges  the IRS to not expand pre-certification beyond the initial group of 45,000 filers before a comprehensive evaluation demonstrating that pre-certification is effective in reducing overpayments and can be conducted without significant harm to eligible filers.

Woodstock Institute comments to the Office of the Comptroller of the Currency on National City’s request to the OCC to pre-empt the Georgia Fair Lending Act.  National City claims that the National Bank Act authorizes the OCC to occupy the field of real estate lending regulation thus suggesting that all the provisions of GFLA are preempted.