From: Geraldine Welsh [mailto:gwelsh@seedseattle.org]
Sent: Friday, September 17, 2004 4:55 PM
To: Comments
Subject: Community Reinvestment -- RIN 3064-AC50
The FDIC's proposal to reduce Community Reinvestment Act oversight
of banks
with assets under $1 billion would be a giant step backward for low-
and
moderate-income neighborhoods and communities. While regulators may
be
looking at ways to trim their budgets, losses of lending, investments
and
services in low-income communities would be devastating. Some of
the low-
and moderate-income communities who are struggling today have actually
graduated from ghetto status as a result of CRA oversight and intent
to
eliminate redlining and other discriminatory practices. The CRA has
had a
positive influence that is especially visible in urban cities. Why
would
anyone choose to reverse the progress that has taken decades to achieve
visible success?