From: Evan.Maher@usdoj.gov [mailto:Evan.Maher@usdoj.gov]
Sent: Tuesday, September 07, 2004 12:14 PM
To: Comments
Subject: Community Reinvestment -- RIN 3064-AC50
Dear FDIC,
As someone who is more than just cursorily aware of the Community
Reinvestment Act (I studied it extensively for a term paper in college),
I am dismayed to hear of the proposal to weaken the CRA by eliminating
the need for community reinvestment among banks worth $250 million to $1
billion. This would have a disastrous effect on many underserved,
low-income areas that rely on the CRA to give people, who might
ordinarily be exluded, access to banking services, not to mention the
good it does in bringing money into areas that banks might ordinarily
avoid. Please reconsider this ghastly proposal. The benefit of easing
regulations on smaller banks is certainly outweighed by the cost to
low-income areas and the people who reside there.