From: Mary Jayne [mailto:maryjayne@kclt.org]
Sent: Thursday, September 30, 2004 4:41 PM
To: Comments
Subject: RIN 3064-AC50, Community Reinvestment
Dear Mr. Feldman:
I am a concerned
citizen (or representative of a community group) 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,
Mary-Jayne Walker
Kulshan Community Land Trust
215 W. Holly Suite H-20
Bellingham, Washington