From: Eric Shoen [mailto:eshoen@ruralinc.org]
Sent: Thursday, October 07, 2004 10:17 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.
Sincerely,
Eric
Eric T. Shoen
Deputy Director for Corporate Development and Public Relations
Rural Opportunities, Inc.
400 East Ave.
Rochester, NY 14607
(585) 340-3334
www.ruralinc.org
