From: Dorothy Barber [mailto:dbarber@rochester.rr.com]
Sent: Thursday, September 23, 2004 9:51 PM
To: Comments
Subject: SPAM::RIN 3064-AC50, Community Reinvestment
Dear Mr. Feldman:
I am a concerned citizen. I work in a community center in a rural
county for low and moderate income community members. I strongly oppose
your proposal to significantly weaken the Community Reinvestment Act (CRA).
I have seen how our community has benefited both in our rural area and
in our nearest city because of the CRA. Neighborhoods have been revived
and small businesses can get the capital for startup and expansion. Our
area has lost thousands of jobs at Xerox and Kodak and without new small
businesses many of our community members can not find work.
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 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. 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.
