FDIC Federal Register Citations
Community Builders
From: Leo Quigley [mailto:lquigley@ix.netcom.com]
Sent: Wednesday, October 20, 2004 4:21 PM
To: Comments
Subject: Community Reinvestment -- RIN 3064-AC50
We oppose the Proposed Rule which would raise the asset threshold for
streamlined testing under the Community Reinvestment Act (CRA). The FDIC
proposal would remove CRA obligations from as many as 1,300 insured
depository institutions, a change that will harm low- and
moderate-income communities, particularly in rural areas - and leave
some states with no CRA-covered institutions.
The Community Reinvestment Act is an important tool for inducing
financial institutions to participate in community revitalization
activities. It encourages local partnerships that result in stronger
development projects and improved access to capital. CRA implementation
should encourage more, not fewer, private sector partners to join in
rebuilding strong neighborhoods. No changes should be made that weaken
the reach of CRA.
Patrick Costigan
Senior Vice President
The Community Builders, Inc.
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