From: George Schelter [mailto:gschelter@hotmail.com]
Sent: Thursday, October 07, 2004 1:26 PM
To: Comments
Subject: Oppose Efforts to Weaken CRA RIN 3064-AC50
George Schelter
675 E. Algonquin Rd.
Des Plaines, IL 60016
October 7, 2004
Federal Deposit Insurance Commission
Dear Federal Deposit Insurance Commission:
Dear Administrators of the FDIC:
I strongly oppose CRA RIN 3064-AC50. Please rescind the proposed
change. These changes would have a devastating effect on affordable
housing and community development investment throughout the nation,
particularly in rural areas.
To broaden the scope of community development loans and investments
in rural areas from low and moderate income individuals to any group of
individuals will undercut the purpose and effectiveness of the CRA. not
just low- and moderate-income individuals. Currently, banks have to
finance affordable housing and economic development projects that target
low- and moderate-income borrowers and neighborhoods.
Under the proposed changes, nothing in the CRA regulations would
prevent banks from earning CRA points for financing developments with no
community development benefit whatsoever. Moreover, the one part exams
would cover 99 percent of all FDIC-supervised banks located in rural
areas.
President Bush’s comments promoting an "Ownership Society" are truly
disingenuous if the actions of officials he appointed are undermining
proven laws that revitalize communities, increase minority
homeownership, and increase small business ownership for women and
minorities.
Please rescind your proposal.
Sincerely,
George M. Schelter
