From: Dawn Stanhope [mailto:Dawn@mnhs.net]
Sent: Thursday, September 16, 2004 12:54 PM
To: Comments
Subject: Community Reinvestment -- RIN 3064-AC50
Dear Mr. Feldman:
I am a concerned representative of Manchester Neighborhood Housing
Services, Inc. and 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 CRA’s 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,
Dawn Stanhope
Deputy Director for Operations
Manchester NHS, Inc.
968 Elm Street
Manchester NH 03101
(603) 626-4663 ext.15
(603) 623-8011 (fax)
Email: dawn@mnhs.net
