Federal Deposit
Insurance Corporation

From: Rita Quintero [mailto:RQuintero@HAFresno.org]
Sent: Wednesday, October 20, 2004 4:06 PM
To: Comments
Cc: cra@nahro.org
Subject: Re: RIN 3064-AC50 - OPPOSED TO THIS PROPOSED RULE

Raising the financial thresholds for institutions that provide CRA funding will significantly reduce the needed CRA funds for communities that are in economic despair. These funds are currently being used to educate our citizens to become self sufficient, "employment ready" and promote homeownership. Our Family Self Sufficiency Fresno Program currently provides services and educational workshops, with CRA support funding, for 2,000 families. It is imperative that we educate our low to very low income families to enhance their employment opportunities and further assist them to transition from renters to homeowners.

Our current administration is promoting homeownership to minorities however, we currently have an acute shortage of mortgage products that can benefit low to very low income families and the underwriting methods are very stringent. This rule, if passed will further limit opportunities presently provided by the banking institutions to the less fortunate in the community.

CRA monies distributed as donations to non-profits have historically assisted non-profits to provide extensive financial literacy to low to very low income families so that they may establish good credit and aspire to be homeowners. Grass root programs such as Family Self-Sufficiency Fresno Program provide budgeting and financial literacy workshops to over 2,000 families and depend on the CRA funds to assist in meeting the costs. CRA funds also pay for other services and educational workshops to youth and adults that promote responsible community membership. We have the statistics that reflect the success of these families as a result CRA funded education programs that Family Self Sufficiency Fresno has provided.

The banking institutions have been leaders in a variety of investments that promote economic development. There can be no better use of CRA funds than investing in the future of our communities by assisting the families that will inveitably impact the future economic health of our communities and ultimately our nation. CRA funds can make the difference between outsourcing and maximizing our community resources...strengthening families through education. CRA funds are assets, that in our case, are reinvested in Human Working Capital. I strongly urge you not to pass the proposed rule.