FDIC Federal Register Citations

From: primbos@comcast.net [mailto:primbos@comcast.net]
Sent: Wednesday, October 20, 2004 12:52 PM
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:

I am writing to you today as a socially responsible investor who is aware of the vital role played by Community Development Financial Institutions (CDFIs) in revitalizing communities through affordable housing and small business startups.

As you are well aware, historically, the Community Reinvestment Act has provided banks with an important incentive to work with CDFIs and provide vitally needed capital to struggling communities. Unfortunately, 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.

Thank you for listening to my concerns and acting soon on my recommendation to withdraw the FDIC’s rule proposal allowing mid-size banks to pursue only one of the three important community development activities they are now required to undertake: lending, investment, and services.

Yours Sincerely,
Peter G. Rimbos