March 28, 2006

Honorable Richard C. Shelby
Chairman
Committee on Banking, Housing and Urban Affairs
United State Senate
Washington, DC 20510

Honorable Paul S. Sarbanes
Ranking Member
Committee on Banking, Housing and Urban Affairs
United State Senate
Washington, DC 20510

Dear Senators Shelby and Sarbanes:

We want to thank the Committee for its very successful hearing on March 1st that focused on proposals for reducing regulatory burden in the financial services industry. The testimony of the witnesses demonstrated that there is an immediate need and broad support for moving forward on comprehensive regulatory relief legislation as soon as possible.

We support a balanced regulatory structure that carefully guards the safety and soundness of the banking system and protects the interests of consumers through reasonable regulations. However, the burden of compliance with a host of laws that do not enhance safety and soundness or provide meaningful protections for the public adds unnecessary costs to the delivery of financial services to the American public.

As a result of the work of the Committee for more than a year, we believe that a consensus on regulatory relief legislation is achievable, and we urge the Committee to schedule a mark up of regulatory relief legislation before the end of April.

Thank you for the consideration of our views.

Sincerely,