Federal Deposit
Insurance Corporation

From: Missy Ammon [mailto:missy@caaofcc.org]
Sent: Tuesday, October 19, 2004 2:33 PM
To: Comments
Subject: RIN 3064-AC50, Community Reinvestment

October 19, 2004

Dear Mr. Feldman:

I am a housing counselor with the Community Action Agency of Columbiana County and I strongly oppose your proposal to significantly weaken the Community Reinvestment Act (CRA). You propose much easier CRA requirements for banks between $250 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 all FDIC - supervised 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, your proposal to change the CRA regulation will result in much fewer loans, investments, and branches in low- and moderate-income communities. Our agency provides consumers with housing counseling services and also small business training. Although these consumers receive intense one on one counseling, without the financial resources of our local lenders they will be unable to purchase their asset. I ask that you please withdraw your harmful proposal.

Sincerely,
Melissa Ammon
Financial Services Assistant
Community Action Agency of Columbiana County, Inc.
7880 Lincole Place
Lisbon, Ohio 44432
Phone: (330) 424-4013