From: anneanded@att.net [mailto:anneanded@att.net]
Sent: Wednesday, September 15, 2004 9:14 PM
To: Comments
Subject: Comments Community Reinvestment 12 CFR Part 345
I write to strongly object to the proposed rulemaking to increase the
size level of the "small banks" eligible to use the "small bank" test
for CRA compliance.
The proposed change would exempt as many as 94% of depository
institutions from service and investment requirements. It could result
in as much as $5 billion less community investment over the next few
years.
The proposed change would particularly hurt rural communities, that
are often served primarily, or exclusively, by financial institutions
who would no longer be subject to the CRA tests of "large banks." The
new rule would essentially allow these institutions to relax their
attention to investing in and serving disadvantaged members of their
communities.
CRA has been an enormously successful and effective vehicle for
improving investment in disadvantaged communities, resulting in benefits
not only to members of those communities, but to our economy and society
as a whole. Please do not make this rule change that would be so harmful
to so many consumers and their communities.
Sincerely,
Anne Li
3601 Connecticut Ave. NW, Apt. 810
Washington, DC 20008
