From: Felix Torres [mailto:Felix@mnhs.net]
Sent: Thursday, September 16, 2004 3:54 PM
To: Comments
Subject: RIN 3064-AC50, Community Reinvestment
Dear Mr. Feldman:
I am a concerned representative of a community group 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 much fewer
home and small business loans to low- and moderate-income borrowers and
much 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
CRAs focus on meeting credit needs of low- and moderate-income
communities. In sum, all of your proposals will result in much fewer
loans, investments, and branches in low- and moderate-income
communities. Please withdraw your harmful proposal.
Sincerely,
Felix M. Torres
Executive Director
Manchester Neighborhood Housing Services
968 Elm Street
Manchester, NH 03101
Voice: (603) 626-4663 ext. 17
Facsimile: (603) 623-8011
email: felix@mnhs.net