From: Zak Williams [mailto:zakwilliam@hotmail.com]
Sent: Saturday, September 18, 2004 4:50 PM
To: Comments
Cc: Russ_Feingold@feingold.senate.gov; jerry.kleczka@mail.house.gov
Subject: RIN 3064-AC50, Community Reinvestment
Dear Mr. Feldman:
I am a Milwaukee resident strongly opposed to your proposal to significantly
weaken the Community Reinvestment Act (CRA). You propose much easier
CRA
requirements for banks between $500 million to $1 billion in assets,
which
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 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 where help is desperately
needed.
This is directly contrary to CRA’s focus on meeting credit
needs of low- and
moderate-income communities. The changes being proposed will result
in much
fewer loans, investments, and branches in low- and moderate-income
communities. Please withdraw your harmful proposal.
Zachary Williams
3109 S Pennsylvania Avenue
Milwaukee, WI 53207
