Federal Deposit
Insurance Corporation

From: corapage@hotmail.com [mailto:corapage@hotmail.com]
Sent: Wednesday, October 27, 2004 11:51 AM
To: Comments
Subject: Save the Community Reinvestment Act

Dear FDIC,

Mr. Feldman:

I am a concerned citizen who opposes the FDIC's proposal that would ease Community Reinvestment Act (CRA) requirements for most of the banks in my area. CRA is vital for increasing homeownership, promoting minority business ownership, meeting the community development needs of struggling communities and support the capital requirements of nonprofits.

There are areas of Oakland, CA w/no financial service providers of any type. I have begun "banking" at at Peoples Community Partnership Federal Credit Union, which is sponsored by a variety of businesses, including some banks. If these banks didn't received CRA credit, I doubt that this CU, located in a depressed area of Oakland, w/the only other financial service provider being a seasonal tax preparer, would even be in existence. This CU recently announced that its membership now stands at 1,500, most w/small balances. However, each of these accounts represents savings in this community where none previously existed.

In the new watered-down process for mid-size banks, FDIC would allow these financial institutions to pick and choose which community development activities they will undertake. Right now, these banks must make community development loans, investments, and services. Your proposed test allows banks to choose only one of the three activities. The result will be less community development activity were I live. That will mean fewer jobs, fewer homes and fewer community services. Oakland has begun building, again, and looks less blighted than it did just five years ago. Please FDIC, do not stop this resurgence.

The Congress passed the CRA so that lenders would meet community needs. The FDIC's proposal flies directly in the face of this requirement. It would harm my community, the quality of my life, and tens of thousands of Americans like me. IN Oakland, the population is about 410,000, however, revisions to the CRA extend nation-wide. I urge the FDIC and all federal banking regulators to drop this hurtful proposal and let the CRA stand, as is. Thank you, Cora Page

Cora Page
Oakland, CA