Federal Deposit
Insurance Corporation

October 16, 2004

Mr. Robert E. Feldman
Executive Secretary
Attention: Comments/Legal ESS
Federal Deposit Insurance Corporation
550 17th St. NW
Washington, DC 20429

Mr. Feldman:

We are concerned citizens who oppose your proposed rule change that would reduce Community Reinvestment Act (CRA) requirements for most of the banks in my area and throughout the USA. CRA is a vital means for increasing homeownership and minority business ownership as well as helping the community development needs of struggling communities and supporting the capital needs of nonprofit organizations.

This proposed FDIC rule would be harmful to our community and to many others throughout the country.

Currently, 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, resulting in fewer jobs, affordable homes and community services.

As we understand it, the Community Reinvestment Act was made law to require lenders to help meet community needs. Your rule proposal is totally counterproductive of this requirement. It would harm our community, our lives and the lives of millions of Americans like us. I strongly urge you to drop this cruel and counterproductive rule proposal.

Sincerely,

Mr. and Mrs. Wilfred J.Reilly