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FDIC Federal Register Citations

RURAL OPPORTUNITIES

From: mcunningham [mailto:mcunningham@ruralinc.org]
Sent: Thursday, October 07, 2004 11:25 AM
To: Comments
Subject: RIN3064-AC50, Community Reinvestment

Dear Mr. Feldman:

I am a concerned citizen strongly opposed to your proposal to significantly weaken the Community Reinvestment Act (CRA). You propose much easier CRA requirements for banks between $500 million to $1 billion in assets.
This proposal will result in many fewer home and small business loans to low and moderate income borrowers and many 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 many fewer loans, investments, and branches in low and moderate income communities. Please withdraw your harmful proposal.

Sincerely,

Margaret Cunningham
Rural Opportunities, Inc.
78 W. Landis Ave
Vineland, NJ 08360

Last Updated 10/12/2004 regs@fdic.gov

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