FDIC Federal Register Citations

From: Ruth Allison [mailto:allison@caaofcc.org]
Sent: Wednesday, October 20, 2004 9:32 AM
To: Comments
Subject:

October 19, 2004

Dear Mr. Feldman,

I am an Emergency Service Director with the Community Action Agency of
Columbiana County and I strongly oppose your proposal to significantly
weaken the Community Reinvestment Act (CRA). You propose much easier CRA
requirements for banks between $250 million to $1 billion in assets. This
proposal will result in much fewer home and small business loans to low–and
moderate– income communities. In addition, you propose that all
FDIC-supervised banks can earn CRA points by financing community development
projects that benefit affluent residents in rural areas, instead of low– and
moderate-income consumers and communities in rural America. This is directly
contrary to CRA’s focus on meeting credit needs of low-and moderate-income
communities. In sum, your proposal to change the CRA regulation will result
in much fewer loans, investments, and branches in low-and moderate-income
communities. Our agency provides consumers with housing counseling services,
credit counseling services and also small business training. Although these
consumers receive intense one on one counseling, without the financial
resources of our local lenders they will be unable to purchase their asset.
I ask that you please withdraw your harmful proposal.

Sincerely,

Ruth Allison
Emergency Service Director
Community Action Agency of Columbiana County, Inc.
7880 Lincole Place
Lisbon, Ohio