From: Dan Immergluck [mailto:immergld@gvsu.edu]
Sent: Thursday, September 16, 2004 12:30 PM
To: Comments
Subject: RIN 3064-AC50, Community Reinvestment
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 $500 million to $1
billion in assets and to remove consideration of bank holding company
size. 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,
Dan and Lilly Immergluck
549 Gladstone Dr. SE
Grand Rapids, MI 49506
