From: Suzanne Masland [mailto:suzannemasland@yahoo.com]
Sent: Sunday, September 19, 2004 12:49 PM
To: Comments
Subject: RIN 3064-AC50, Community Reinvestment
Dear Mr. Feldman:
I work extensively in community development throughout Vermont and in
the non-profit arena. I am very well aware of the critical need Vermont
and NH has for affordable housing. In the last decade more and more
policy initiatives and a depleted economy has threatened every citizen’s
right to a safe and comfortable place to live. Even for families who are
struggling by working 2 jobs for each wage earner in the family is no
longer enough. Your proposal is short-sighted in many ways, but the most
obvious is this: in order to build a strong economy we need citizens who
are properly housed, fed and strong enough to work and contribute to our
economy.
I am very concerned and opposed to your proposal to significantly
weaken the Community Reinvestment Act (CRA). You propose much easier CRA
requirements for banks between $500 million to $1 billion in assets.
This proposal will result in much fewer home and small business loans to
low- and moderate-income borrowers and much fewer community development
loans and investments in low- and moderate-income communities. In
addition, you propose that banks can earn CRA points by financing
community development projects that benefit affluent residents in rural
areas, instead of low-and moderate-income consumers and communities in
rural America. This is directly contrary to CRA$E2s 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
harmful proposal.
Sincerely,
Suzanne Masland
Masland Consulting
714 Pero Hill Rd.
Thetford Center, VT 05075
