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FDIC Federal Register Citations
From: Cdsburgess@aol.com [mailto:Cdsburgess@aol.com]
Sent: Wednesday, October 20, 2004 11:02 PM
To: Comments
Subject: Community Reinvestment -- RIN 3064-AC50
To whom it may concern:
I have been involved in state and community level economic development
for over 30 years. The CRA has only begun to work effectively within
the last decade or so. Rural areas struggle to maintain population,
schools and other essential services. The CRA program may distract
from more profitable investments for banks but the idea of Congress
to require banks to reinvest in the community in which depositors live
has encouraged affordable housing, industrial growth and other economic
growth essential to healthy communities or in some instances, survival.
Bank profits are at all time high. It does not seem prudent to make
any changes in the CRA regulations that will reduce the incentive or
persuasive powers of the FDIC to encourage banks to invest in the communities
that make them successful.
Ed Burgess, CEcD
CDS, Inc.
709 East Springs Rd
Columbia, SC
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