Federal Deposit
Insurance Corporation

From: jam@nervousnellies.com [mailto:jam@nervousnellies.com]
Sent: Wednesday, October 20, 2004 8:00 AM
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:

CDFIs are one of the best development strategies to come along in the last 25 years. And the Community Reinvestment Act has provided banks with an important incentive to work with them, strengthening their impact and broadening their impact. The positve results are manifest in cities and rural areas throughout the country. This is leveraging at its best.

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.

Sincerely,
Anne BeeritsAnne Beerits