FDIC Federal Register Citations

From: plantideas@aol.com [mailto:plantideas@aol.com]
Sent: Wednesday, October 20, 2004 11:05 AM
To: Comments
Subject: RIN 3064-AC50

Re: Preserving the Community Reinvestment Act
Mr. Robert E. Feldman
Executive Secretary
Attention: Comments/Legal ESS
Federal Deposit Insurance Corporation
550 17th Street NW
Washington, DC 20429

Dear Mr. Feldman:

Please reconsider the FDIC's rule proposal! As a previous resident to cities such as Detroit, Chicago, Gary, and Toledo, I am very aware of the vital role played by CDFIs in revitalizing communities through affordable housing and small business startups. This helps us all, whether you're a suburban or an inner city resident. The Community Reinvestment Act has provided banks with an important incentive to work with CDFIs and provide vitally needed capital to struggling communities.

I urge you to withdraw the FDIC’s rule proposal that would allow midsize banks to pursue only one of the three important community development activities they are now required to undertake: lending, investment, and services. I believe that this misguided rule would mean a devastating reduction in support for the essential work of CDFIs, resulting in fewer jobs, fewer affordable homes, and fewer community services.

Yours Sincerely,
Daniel Rieden