From: Angela Iocolano [mailto:AIocolano@ruralinc.org]
Sent: Friday, September 17, 2004 9:45 AM
To: comments@fdic.gov.
Subject: RIN 3064-AC50, Community Reinvestment
Importance: High
Dear Mr. Feldman:
I am strongly opposed to your proposal to 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 many fewer home and small business loans to
low- and moderate-income borrowers and many fewer community development
loans and investments in low- and moderate-income communities. 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.
Please withdraw your harmful proposal to change the CRA regulation that
will result in many fewer loans, investments, and branches in low- and
moderate-income communities.
Sincerely,
Angela M. Iocolano
Operations Quality
Planning & Research
Rural Opportunities Inc.
400 East Avenue
Rochester, NY 14607
Tel 585-340-3701
Fax 585-340-3373
aiocolano@ruralinc.org
