FDIC Federal Register Citations

From: michael.groen@mu.edu [mailto:michael.groen@mu.edu]
Sent: Wednesday, October 20, 2004 2:32 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: As one who spends a great deal of time in underdeveloped areas in the Middle East, I am keenly aware of the debilitating effects of low income and the lack of access to financial resources. A crucial distinction between the situations I see in these countries and the situation of similar folks in the U.S. is the vital ole played by CDFIs 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. 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, Michael Groen Assistant Director of Campus International Programs Marquette University Michael Groen