From: Richard Rand
Sent: Thursday, September 16, 2004 4:21 PM
To: Comments
Subject: RIN 3064-AC50, Community Reinvestment Act
Dear Mr. Feldman:
I am strongly opposed to your proposal which would 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 this proposal.
Sincerely,
Richard Rand
5329 S Greenwood Ave
Chicago, IL 60615
