From: Carol Stomberg [mailto:castomberg@san.rr.com]
Sent: Monday, September 20, 2004 12:10 AM
To: Comments
Subject: RIN 3064-AC50, Community Reinvestment

>Dear Mr. Feldman:
>
> I am a concerned citizen (or 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 $1 billion in assets. This proposal will
> result in much fewer home and small business loans to low- and
> moderate-income borrowers and much fewer community development loans and
> investments in low- and moderate-income communities. In addition, you
> propose that banks can earn CRA points by financing community development
> projects that benefit affluent residents in rural areas, instead of low-
> and moderate-income consumers and communities in rural America. This is
> directly contrary to CRA$E2s 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,
>
Carol Stomberg
1253 Archer St
San Diego, CA