From: Susan Almy [mailto:Susan.Almy@valley.net]
Sent: Saturday, September 18, 2004 6:40 PM
To: Comments
Subject: RIN 3064-AC50, Community Reinvestment
Dear Mr. Feldman:
I am a state
representative from a small city in a rural part of New Hampshire
and a concerned
citizen. I strongly oppose 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. 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 banks
can earn CRA points by financing community development projects that
benefit the affluent residents in rural areas, instead of those that
desperately need it - 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, all of your proposals will result in much fewer loans, investments,
and branches in low- and moderate-income communities. Please withdraw
your proposal, before it makes the housing crisis we are suffering
even worse.
