From: Jim Alberghini [mailto:Jim@listencs.org]
Sent: Monday, September 20, 2004 8:23 AM
To: Comments
Subject: RIN 3064-AC50, Community Reinvestment
Dear Mr. Feldman:
I am a concerned
citizen 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. 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’s focus
on meeting credit needs of low- and moderate-income communities.
All of your proposals will result in fewer loans, investments, and
branches in low- and moderate-income communities. Please withdraw
your harmful proposal.