From: Lynn Gondorcin
[mailto:chrb@aies.net]
Sent: Monday, April 05, 2004 3:49 PM
To:
regs.comments@occ.treas.gov
Cc: regs.comments@federalreserve.gov; regs.comments@ots.treas.gov;
Comments
Subject: Community Reinvestment Act Changes
Dear Officials,
Northern Nevada Community Housing Resource Board (NNCHRB) is a
nonprofit Community Housing Development Organization that serves Washoe
County, Nevada. NNCHRB urges you to withdraw the proposed changes to the
Community Reinvestment Act regulations. Your proposed changes are
contrary to the CRA statute bacause they will halt the progress made in
community reinvestment.
The proposed changes will eliminate the investment and service parts
of the CRA exam for banks and thrifts with assets between $250 and $500
million. The proposed changes would reduce the rigor of CRA exams for
the thousand + banks that account for more than $387 billion in assets.
Proposed changes also contain anti-predatory language that will
actually perpetuate abusive lending because it will not cover many types
of preditory lending.
CRA is simply a law that makes capitalism work FOR ALL AMERICANS. CRA
is too vital to be gutted by harmful changes and neglect. Without strong
CRA regulations, NNCHRB would not be eligible for the loans needed to
continue creating affordable housing.
PLEASE DO NOT SUPPORT THE CURRENT PROPOSED CHANGES TO THE CRA
REGULATIONS.
