From: Raj Nayak [mailto:rajnayak@povertylaw.org]
Sent: Thursday, September 16, 2004 5:19 PM
To: Comments
Subject: Comments on the CRA Amendment
Dear Mr. Feldman:
I am a concerned citizen strongly opposed to your proposal to
significantly weaken the Community Reinvestment Act (CRA). You propose
much easier CRA requirements for banks between $250 million to $1
billion in assets. This proposal will result in much fewer home and
small business loans to low- and moderate-income borrowers and much
fewer community development loans and investments in low- and
moderate-income communities, including branches and financial education
and asset building programs. In addition, you propose that all
FDIC-supervised 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 CRA¹s focus on meeting credit
needs of low- and moderate-income communities. In sum, your proposal to
change the CRA regulation will result in much fewer loans, investments,
branches, and financial education and asset building programs in low-
and moderate-income communities. Please withdraw your harmful proposal.
Sincerely,
Raj Nayak
Equal Justice Works Fellow / Staff Attorney
Sargent Shriver National Center on Poverty Law
50 East Washington, Suite 500
Chicago, Illinois 60602
ph: (312) 263-3830 ext. 243
fax: (312) 263-3846
rajnayak@povertylaw.org
