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  • Comment Detail

  • Date: 05/10/24
    First Name: Kile
    Last Name: Story
    Organization: N/A
    City: St. Petersburg
    State: N/A
    Attachment: N/A
    Number: 2024-N-5

  • Comment

    I am an employee of a small community bank. I'm aware that some of the larger banks do not offer or have slimmed their home equity loan products, but community banks have not. This proposal would cause further consolidation of smaller banks into larger banks. This is will have knock on effects to small businesses that still require business loans - primarily provided by local and community banks, will cause a rise in unemployment from employees of these banks that would be consolidated, and generally is bad for communities.

    Consumers have access to these home equity products, just not necessarily from national lenders. It's a good thing they seek local and community banks for these products and consider moving their business away from national banks. These larger banks have made their decisions and they should not be bailed out by the taxpayer if it's harmful to their business. Please allow capitalism and free markets to make these decisions.