From: khalifat@bellsouth.net [mailto:khalifat@bellsouth.net]
Sent: Friday, September 17, 2004 11:24 AM
To: Comments
Subject: Community Reinvestment -- RIN 3064-AC50
Thank you for the opportunity to submit a comment. I was one of
the early advocates for CRA as a supporter of folk like Mrs. Gayle
Cincotta, Mr. Milton Kotler, Father Sheehan and others via the National
Association of Neighborhoods. I have been extremely disappointed
over the years because CRA has become a weak and sickly stepchild
to the community development community. This proposed rule can only
worsen that situation. We need to expand the powers of CRA. We are
again facing a problem of disinvestments in communities, small businesses
and gentrification as a result of a general malaise in the banking
community. The fact that a bank like the Bank of America can charge
a five dollar fee for cashing a check drawn on their bank by non-account
holders is ridiculous. The fact that you can't get change for a $100-
bill at a bank unless you hold an account is ridiculous. This proposed
rule will only weaken an already fragile and crippled piece of legislation.
Imam A. Mustafa Ali
Khalifat Resource Development Group
Atlanta, Georgia
