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  • Comment Detail

  • Date: 10/12/22
    First Name: Miles
    Last Name: Gaston
    Email: mgaston@lsbia.bank
    Organization Type: other
    Organization: Libertyville Savings Bank

  • Comment

    Libertyville Savings Bank makes supporting southeast Iowa a focus of our business. We do this in providing top notch products and services and giving back to our communities we serve. We have been hearing from our customers that they want to be able to E-sign their loan documents. We have the technology in place and use it when we can. We are unable to pledge loans to FHLB that have been e-signed so it hinders us from providing this efficiency to our customers. If FHLB is unable to make this change in the near future, we will be looking into other funding sources so we can offer e-sign to all of our customers. We have started to put a plan in place to decrease our business with FHLB due to the e-sign rule. This rule ultimately hurts the customer because their local bank is unable to offer them this service due to FHLB. I believe this rule needs to change and banks should be able to pledge e-signed loans to FHLB. If not, I believe the industry will move away from FHLB as a funding source if the change is not made. Thank you for your time and I appreciate the opportunity to voice our opinions.