February 18, 2011
I write to urge the SEC to exempt banks from the requirement that they register as a municipal advisor if the bank accepts municipal deposits or offers other account level services.
Our bank was chartered in 1884 and for many years has had various account relationships with our town government. Requiring us to register with the SEC by virtue of this relationship will result in increased operating costs, inject another regulatory examination requirement and add yet another layer of compliance and complexity on what is a basic service.
No evidence suggests that municipalities will be better served by this requirement. It is a legislative over-reaction to a perceived problem that does not exist on Main Street. I strongly urge the SEC to exempt banks from this onerous requirement.
Thank you for your consideration.
Norman S. Seppala
President and CEO
Granite Savings Bank
Rockport, MA 01966