FDIC Federal Register Citations

From: mocmail@sbcglobal.net [mailto:mocmail@sbcglobal.net]
Sent: Wednesday, October 20, 2004 4:02 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 a socially responsible investor, I am aware of the vital role 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 have seen the positive impact of the CRA firsthand in my work with nonprofit organizations in Chicago. A number of banks in this city have become leaders in community development efforts--prompted at first by CRA requirements, but also inspired by the returns on their investments. 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, Maureen O'ConnorMaureen O'Connor