Federal Deposit
Insurance Corporation

From: jcoffey@tridsd.com [mailto:jcoffey@tridsd.com]
Sent: Tuesday, October 19, 2004 7:16 PM
To: Comments
Subject: RIN 3064-AC50

Re: Preserving the Community Reinvestment Act
Mr. Robert E. Feldman
Executive Secretary
Attention: Comments/Legal ESS
Federal Deposit Insurance Corporation
550 17th Street NW
Washington, DC 20429

Dear Mr. Feldman:

When did we go so terribly wrong that we decided that for our commerce system to work adequately we need to remove all the rules and regulations and scrap any remaining sense of community that we have in this country? Has everyone become an economic libertarian? Your current proposal sounds like a directive from the Bush administration.

As a socially responsible investor, I am aware of the vital role played by CDFIs in revitalizing communities through affordable housing and small business startups. The Community Reinvestment Act has provided banks with an important incentive to work with CDFIs and provide vitally needed capital to struggling communities.

I urge you to withdraw the FDIC’s rule proposal that would allow midsize banks to pursue only one of the three important community development activities they are now required to undertake: lending, investment, and services. I believe that this misguided rule would mean a devastating reduction in support for the essential work of CDFIs, resulting in fewer jobs, fewer affordable homes, and fewer community services.

Yours Sincerely,

John S. Coffey San Diego, CA