From: NickNovak14@aol.com [mailto:NickNovak14@aol.com]
Sent: Friday, October 01, 2004 9:16 AM
To: Comments
Subject: RIN 3064-AC50, Community Reinvestment
Dear Mr. Feldman:
I am writing as a concerned citizen and a staff person who works for
a nonprofit organization working on housing and community development
issues. I am strongly opposed to the FDIC's proposal to significantly
weaken the Community Reinvestment Act (CRA). The FDIC's proposal will
result in significantly fewer home and small business loans to low and
moderate income borrowers and significantly fewer community development
loans and investments in low and moderate income communities.
In addition, the proposal would allow banks to 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 summary, these proposals will result in significantly fewer loans,
investments, and branches in low and moderate income communities. Please
withdraw this harmful proposal.
