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FDIC Federal Register Citations
From:
sbaeharvey@verizon.net [mailto:sbaeharvey@verizon.net]
Sent: Wednesday, October 20, 2004 1:43 PM
To: Comments
Subject: RIN 3064-AC50
Re: Preserving the Community Reinvestment Act
Mr. Robert E. Feldman
Executive Secretary
Attention: Comments/Legal ESS
Federal Deposit Insurance Corporation
550 17th Street NW
Washington, DC 20429
Dear Mr. Feldman:
I am a part-time consultant to CDC's in Massachusetts and am involved
in the low-income and subsidized housing industry. I have also been a
smalltime landlord and know that market forces do not always provide
necessary housing. Indeed I believe that market forces should be guided
and augmented by intelligent tax policies and bank regulations. As a
socially responsible investor, I am aware of the vital role played by
CDFIs in revitalizing communities through affordable housing and small
business startups. The Community Reinvestment Act has provided banks
with an important incentive to work with CDFIs and provide vitally needed
capital to struggling communities.
I urge you to withdraw the FDIC’s rule proposal that would allow
midsize banks to pursue only one of the three important community development
activities they are now required to undertake: lending, investment, and
services. I believe that this misguided rule would mean a devastating
reduction in support for the essential work of CDFIs, resulting in fewer
jobs, fewer affordable homes, and fewer community services.
Yours Sincerely,
Bartlett Harvey
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