From: Sharon Kelly [mailto:sharon@ruralinc.org]
Sent: Thursday, October 07, 2004 12:48 PM
To: Comments
Subject: CRA Fund Scaleback

Dear Mr. Feldman:

I am a concerned citizen 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’s 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,

Sharon L. Kelly
Rural Opportunities, Inc.
400 East Ave.
Rochester, NY 14607