From: Page Cannon [mailto:PCannon@riverbendcmhc.org]
Sent: Thursday, September 16, 2004 7:42 PM
To: Comments
Subject: RE: RIN 3064-AC50, Community Reinvestment Act
Dear Mr. Feldman:
I am a concerned citizen working in the field of affordable housing
for
very low-income disabled people and 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 fewer home and small business loans to low and
moderate-income borrowers and 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 fewer loans, investments, and branches in
low and moderate-income communities. Please withdraw your harmful
proposal.
Sincerely,
Page Cannon, Executive Director
Fellowship Housing Opportunities, Inc.
11 Chesley Street
Concord, NH
