Federal Deposit
Insurance Corporation

From: lane.boxwell@unitedwaydenver.org [mailto:lane.boxwell@unitedwaydenver.org]
Sent: Tuesday, October 19, 2004 10:52 AM
To: Comments
Subject: Save the Community Reinvestment Act

Dear FDIC,

Mr. Feldman:

I am a concerned human service worker who opposes your rule proposal that would ease Community Reinvestment Act (CRA) requirements for most of the banks in my area. CRA is vital for increasing homeownership, promoting minority business ownership, meeting the community development needs of struggling communities and support the capital requirements of nonprofits.

I am very concerned that the proposed Federal Deposit Insurance Corporation (FDIC) rule would be harmful to the community in which I live and hundreds of town, cities and rural areas across the United States.

In the new watered-down process for mid-size banks, FDIC would allow these financial institutions to pick and choose which community development activities they will undertake. Right now, these banks must make community development loans, investments, and services. Your proposed test allows banks to choose only one of the three activities. The result will be less community development activity were I live. That will mean fewer jobs, fewer homes and fewer community services.

As I understand it, the Community Reinvestment Act was made law to require lenders to meet community needs. Your rule proposal flies directly in the face of this requirement. It would the community I work with, the quality of their lives and tens of thousands of Americans like them. I urge you in the strongest possible terms to drop this hurtful rule proposal. Currently, the CRA has helped hundreds of clients I work with, by allowing them to take advantage of loans, investments and bank services, that you and I take for granted. This program has helped the individuals I work with to get back on their feet and decrease their costs by encouraging them to use banks instead of the many predatory lendors they were previously using. Please reconsider your stance on this position, it would not only be severly detremental to the low income community, but you and I alike.

Lane Boxwell

Denver , Co