From: Nicole Salemno [mailto:nsalemno@ncrc.org]
Sent: Thursday, September 16, 2004 12:07 PM
To: Comments
Subject: RIN 3064-AC50, Community Reinvestment
Dear Mr. Feldman:
I am a concerned
citizen (or representative of a community group) strongly opposed
to your
proposal to significantly weaken the Community
Reinvestment Act (CRA). You propose much easier CRA requirements
for banks between $500 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. In addition,
you propose that 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, all
of your proposals will result in much fewer loans, investments, and
branches in low- and moderate-income communities. Please withdraw
your harmful proposal.
Sincerely,
Nicole Salemno
Outreach Coordinator
National Community Reinvestment Coalition
733 15th Street, NW, Suite 540
Washington, DC
