From: Tim Rand [mailto:timrand@wispertel.net]
Sent: Thursday, September 16, 2004 11:39 PM
To: Comments
Subject: RIN 3064-AC50, Community Reinvestment
Importance: High
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 CRA's 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.
