From: Bruce Wade [mailto:Activist@taurus-tech.net]
Sent: Thursday, September 16, 2004 2:40 AM
To: Comments
Subject: Withdraw proposed change to CRA (RIN 3064-AC50)
Wednesday, September 15, 2004
The Honorable FDIC Comments Center
Dear FDIC Comments Center,
As a concerned citizen, I urge you to withdraw your proposed changes
to the Community Reinvestment Act regulations (RIN 3064-AC50). CRA
has been instrumental in increasing homeownership and economic development.
This action will harm our communities.
Giving profit-based banks the means to avoid the costs of the CRA
will greatly impact those that should benefit from that Act. The
proportions of banks subject to higher scrutiny and action in the
new proposal is only 5% of the existing institutions. While I would
like to trust my local bank to act in it's and my long term interests,
I expect my government to impose regulations that require those actions
and subject the institutions to close examination. The S&L disaster
from the 80's was brought about by lax oversight. Please do not let
such a thing happen again.
