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 CRAs 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