ADRIAN
DOMINICAN SISTERS
September 20, 2004
Mr. Robert E. Feldman, Executive Secretary
Attention: Comments/Legal
ESS
Federal Deposit Insurance Corporation
550 17 St. NW
Washington, DC 20429
RE: RIN 3064-AC50
Dear Mr. Feldman:
We are writing to you because we are very concerned about your proposals
to water down the Community Reinvestment Act (CRA). CRA is vital
for assisting people in low-income communities. Your proposed changes
will halt progress that has been made in promoting development.
Your proposal would eliminate the investment and service requirements
for banks with under $1 billion in assets. This would result in fewer
loans and investments in affordable housing, health clinics, community
centers, and economic development projects.
We believe that community development activities in both rural and
urban areas should give primary emphasis to low and moderate income
individuals. Your proposals would allow banks to focus on affluent
residents rather than lower income persons.
Finally, you would eliminate publicly available data on the small
business lending of mid-size banks. Without data, citizens cannot
hold banks accountable.
We encourage you to continue CRA's mandate to meet community needs.
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