From: William Johnson [mailto:johnsontsc@earthlink.net]
Sent: Thursday, September 23, 2004 9:44 PM
To: Comments
Cc: bvankerk@wnylc.com
Subject: Re: RIN 3064-AC50, Community Reinvestment
Dean Mr. Feldman:
I am a concerned citizen and serve as President of the Freedom Way
Business Association of Rochester, NY strongly voice opposition to your
proposal that will 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 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 wedge a divide between
the "have and have nots" that will result in curruptible urban
communities thereby weakening the very foundation of this nations.
Please withdraw your harmful proposal.
Sincerely,
William S. Johnson
Freedom Way Business Assoication
470 W. Main Street
Rochester, NY 14608