From: Carl Manning [mailto:kingdom.cdc@worldnet.att.net]
Sent: Friday, September 17, 2004 10:05 AM
To: Comments
Subject: RIN 3064-AC50, Community Reinvestment
Dear Mr. Feldman:
I am a concerned citizen
and I strongly opposed to your proposal to drastically 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 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 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. In sum, your proposal to change the CRA regulation will
result in much fewer loans, investments, and branches in low- and
moderate-income communities. Please withdraw your harmful proposal.
Sincerely,
Carl Manning
Kingdom CDC
308 Green Street, Suite 202
Fayetteville, NC
