From: Kevin Kennedy [mailto:kevinroi@rochester.rr.com]
Sent: Friday, September 17, 2004 3:01 PM
To: Comments
Subject: RIN 3064-AC50, Community Reinvestment
Dear Mr. Feldman:
I am a concerned representative of a Rural Opportunities, Inc of
Genesee County 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 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,
Kevin Kennedy
Rural Opportunities, Inc.
Genesee Country Mall
106 Main Street Room 8-A
Batavia, NY 14020
