From: Peter Laroche [mailto:Peter.Laroche@cccsforsyth.org]
Sent: Friday, September 24, 2004 12:20 PM
To: Comments
Subject: RIN 3064-AC50
Dear Mr. Feldman:
I am a representative of a community group that is strongly opposed
to your proposal to significantly weaken the Community Reinvestment Act
(CRA).
You propose much easier CRA requirements for banks between $250
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 all FDIC
supervised 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
in direct conflict with CRA’s focus on meeting credit needs of low and
moderate income communities.
In summary, your proposal to change the CRA regulation will result in
much fewer loans, investments, and branches in low and moderate income
communities. Please withdraw this harmful proposal.
Sincerely,
Peter R. Laroche,
President & CEO
CCCS of Forsyth County, Inc.
8064 N. Point Blvd., Suite 204
Winston-Salem, NC 27106
336-896-1191, ext. 115
336-896-0481 FAX
peter.laroche@cccsforsyth.org
www.cccsforsyth.org
