FDIC Federal Register Citations

From: bosolds@lisco.com [mailto:bosolds@lisco.com]
Sent: Tuesday, October 19, 2004 10:47 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:

CDFIs play a vital role in revitalizing communities through affordable housing and small business startups. The Community Reinvestment Act has provided banks with an important incentive to work with CDFIs and provide vitally needed capital to struggling communities.

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, which are specifically lending, investment, and services. Leave these requirements in place. The new rule would create a devastating reduction in the essential work of CDFIs, resulting in fewer jobs, fewer affordable homes, and fewer community services. This is not what the less affluent individuals and communities of our society need.

Yours Sincerely,
Patrick Bosold