From: Jerome Burns [mailto:jeromeb@sahg.org]
Sent: Wednesday, September 29, 2004 5:18 PM
To: Comments
Subject: RIN 3064-AC50, Community Reinvestment
Dear Mr. Feldman:
I am a concerned
citizen that works within the affordable housing community in the
Seattle
Puget Sound area and am 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 directly contrary to CRA’s focus on
meeting credit needs of low- and moderate-income communities. In
sum, your proposal to change the CRA regulation will result in much
fewer loans, investments, and branches in low- and moderate-income
communities. Please withdraw your harmful proposal.
Sincerely,
Jerome Burns
St. Andrew's Housing Group
2650 148th Ave Se
Bellevue, WA
