Community Banker Alert

To: All PACB Members

From: Frank A. Pinto, President/CEO

Subject: Federal Regulatory Agencies "EGRPRA" Project

Date: August 4, 2004

As you may be aware, due to passage of the Economic Growth and Regulatory Paperwork Reduction Act, the federal regulatory agencies, the OCC, the Federal Reserve, FDIC and OTS have joined together to identify and work to eliminate outdated, unnecessary or unduly burdensome regulatory requirements. They have formed an interagency task force and have a website, www.egrpra.gov, that contains a great deal of useful information on this project.

The agencies have been actively seeking input from the industry and they are now seeking comments on “Consumer Protection – Account/Deposit Relationships and Miscellaneous Consumer Regulations” which includes such areas as Truth in Savings, Deposit Insurance Coverage, and Electronic Fund Transfers – Reg E. Their request for comments was published in the Federal Register on July 20, 2004 and comments are due no later than October 18, 2004.

PACB encourages your institution to take advantage of the opportunity to participate in the EGRPRA project and to utilize the website for the purposes of submitting comments on the areas requested. In our view, the agencies appear to be making an earnest effort to impact upon burdensome regulations and this is our chance to provide input.

The EGRPRA website allows for the submission of direct comments and also contains information on how to submit comments in other forms. The PACB website, www.pacb.org, contains a link to the EGRPRA site for your convenience.

Please do not hesitate to contact our office should you wish to discuss this initiative or need further information.