Tanager Financial Services IncFrom: John Biebel
[mailto:jbiebel@tanagerfinancial.com]
Sent: Monday, April 05, 2004 5:01 PM
To: 'regs.comments@occ.treas.gov'; 'regs.comments@federalreserve.gov';
Comments;
'regs.comments@ots.treas.gov'
Cc: 'jsilver@ncrc.org'
Subject: CRA
April 5, 2004
Docket No. 04-06
Communications Division
Public Information Room, Mailstop 1-5
Office of the Comptroller of the Currency
250 E St. SW,
Washington 20219
Docket No. R-1181
Jennifer J. Johnson
Secretary
Board of Governors of the Federal Reserve System
20th Street and Constitution Avenue, NW
Washington DC 20551
Robert E. Feldman
Executive Secretary
Attention: Comments
Federal Deposit Insurance Corporation
550 17th St NW
Washington DC 20429
Regulation Comments, Attention: No. 2004-04
Chief Counsel's Office
Office of Thrift Supervision
1700 G Street NW
Washington DC 20552
Dear Officials of Federal Bank and Thrift Agencies:
Please withdraw the proposed changes to the Community Reinvestment
Act (CRA) regulations. CRA has been
instrumental in increasing access to homeownership, boosting economic
development, and expanding small businesses in the nation's minority,
immigrant, and low- and moderate-income communities. Your proposed
changes are contrary to the CRA statute because they will halt the
progress made in community reinvestment.
The proposed CRA changes will thwart the Administration's goals of
improving the economic status of immigrants and creating 5.5 million new
minority homeowners by the end of the decade. Instead, the proposed CRA
changes would facilitate predatory lending and reduce the ability of the
general public to hold financial institutions accountable for compliance
with consumer protection laws.
As a financial advisor to wealthy clients interested in social as
well as financial returns upon their portfolios, I have seen firsthand
the benefits of the CRA. Please work to strengthen, not weaken, this
important legislation.
Sincerely,
John H. Biebel, Esq., CFP®
Tanager Financial Services Inc.
800 South Street, Suite 195
Waltham, MA 02453
Tel: 781-893-8040, ext. 239
Fax: 781-891-4088
Cc: National Community Reinvestment Coalition
