Federal Deposit
Insurance Corporation

From: barefootnow [mailto:barefootnow@yahoo.com]
Sent: Tuesday, October 12, 2004 10:29 AM
To: Comments
Subject: RIN number 3064-AC50 - FDIC Proposed Changes

Mr. Robert E. Feldman
Executive Secretary
Attention: Comments/Legal ESS
Federal Deposit Insurance Corporation
550 17th St. NW 20429

RE: RIN 3064-AC50

Dear Mr. Feldman:

I have worked for close to twenty years to improve the quality of life for children, their families, and the early care and education professionals who work with our youngest children. I have many concerns about what the changes in the Community Reinvestment Act will do to these vulnerable groups. I have fears that limiting the access to money for investment in home ownership and economic development in lower-income communities will decrease the quality of life for children, families, and providers.

Several economic studies show the economic impacts early care and education makes on local economies. However, the changes proposed lessen the likelihood that such programs could easily and readily access support from local banking institutions. This lack of access may well decrease the number of programs available for families as well as make programs less affordable. Such a decrease in both the accessibility and affordability7 of child care, especially in rural areas where the need is typically high to being with, will have both short term and long term negative affects on children, families, and communities.

Your changes directly oppose CRA’s mandate to require lenders to meet community needs. CRA is too important to be gutted. Please drop your proposal like the two other federal agencies that recognized its harm to underserved communities.

Sincerely,
Joanna M. Grymes
4309 Stonebrook Drive, Jonesboro, AR 72404

Cc: John Taylor, National Community Reinvestment Coalition