From: Ssmmjo@aol.com [mailto:Ssmmjo@aol.com]
Sent: Sunday, September 19, 2004 5:11 PM
To: Comments
Cc: nmelton@ncrc.org; Ssmcecile@aol.com
Subject: RIN number 3064-AC50
Dear Mr. Robert Feldman:
I am a concerned citizen opposed to watering down CRA (Community
Reinvestment Act) requirements for mid-sized banks. CRA is vital for
increasing homeownership and economic development in lower-income
communities. However, your prosposed changes will halt the progress that
has been made.
I understand that banks with over $250 million in assets must be
tested on their number of loans, investments, and services to low- and
moderate-income communities. But your proposal would eliminate the
investment and service requirements for all banks with under $1billion
in assets. This will result in significantly fewer loans and investments
in affordable rental housing, health clinics, community centers, and
economic development projects.
Your changes directly oppose CRA's mandate to require lenders to meet
community needs. CRA is too important to be gutted. Please drop your
proposal as did the two other federal agencies that recognized its harm
to underserved communities.
Sincerely,
Sister M. Joseph Palma
5175 N 57 St #4
Milwaukee WI 53218
