From: Yamalis Hernandez [mailto:yhernandez@ruralinc.org]
Sent: Thursday, October 07, 2004 10:47 AM
To: Comments
Subject: RIN 3064-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 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 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 much fewer
loans, investments, and branches in low- and moderate-income
communities. Please withdraw your harmful proposal.
Yamalis Hernandez, CD Specialist
HIV Prevention Network-Health & Safety Programs
Rural Opportunities, Inc. New York Division
400 East Avenue
Rochester, New York 14607
Tel: 585 340 3396 Fax: 585 340 3337
