I am a representative of the Scott County Housing Council and
strongly opposed to your proposal to significantly weaken the Community
Reinvestment Act (CRA). You propose much easier CRA requirements for
banks between $500 million to $1 billion in assets. This proposal will
result in fewer home and small business loans to low- and
moderate-income borrowers and fewer community development loans and
investments in low- and moderate-income communities. In addition, you
propose that banks can earn CRA points by financing community
development projects that benefit affluent residents in rural areas,
instead of low- and moderate-income consumers and communities in rural
America. This is directly contrary to CRA¹s focus on meeting credit
needs of low- and moderate-income communities. In sum, this proposal
will result in fewer loans, investments, and branches in low- and
moderate-income communities. Please withdraw your proposal.
Sincerely,
Bruce Berger
Board Member, Scott County Housing Council
c/o City of Davenport
226 W. 4th Street
Davenport, Iowa 52801