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FDIC Federal Register Citations


From: Kathleen Kovacs [mailto:NIPKovacs@aol.com]
Sent: Wednesday, August 25, 2004 2:35 PM
To: Comments
Subject: Oppose Efforts to Weaken CRA

Kathleen Kovacs
1811 Adams St.
Toledo, OH 43624

August 25, 2004

Dear Madam or Sir Insurance Commission:

Despite the successes of community development locally and nationally, the banks and thrift institutions that provided the loans and investments to build new homes, businesses, and community facilities may no longer have the impetus to do so if you change the CRA exam threshold.

According to our membership association, the National Congress for Community Economic Development, the Federal Deposit Insurance Corporation is considering changes to weaken the Community Reinvestment Act.

It is estimated that 2,000 financial institutions would no longer be evaluated on their investment or services to low- and moderate-income communities. These banks have assets of nearly $1 trillion, and an estimated $5 billion of private capital for affordable housing and  community development over the next few years.

These proposed rule changes would have a devastating effect on affordable housing investment in our state and elsewhere throughout the nation, particularly in rural areas.

In the past [NUMBER OF YEARS] our organization has built [NUMBER] of homes and created [NUMBER] jobs. We have increased property values and the quality of life for hundreds of residents of our community. Without financial partners, our efforts to revitalize our community would be nearly impossible.

The FDIC should be strengthening incentives for financial institutions to invest in the communities that provide homes, jobs, and economic opportunities to working families. Please do not raise the CRA exam threshold.

Sincerely,

Kathleen Kovacs
419-255-3710
 

Last Updated 08/26/2004 regs@fdic.gov

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