FDIC Federal Register Citations

From: Samuel Mistrano [mailto:smistrano@scanph.org]
Sent: Friday, October 15, 2004 3:51 PM
To: Comments
Subject: Oppose Efforts to Weaken CRA RIN number 3064-AC50

Samuel Mistrano
3345 Wilshire Blvd., #1005
Los Angeles, CA 90010

October 15, 2004

Federal Deposit Insurance Commission

Dear Federal Deposit Insurance Commission:

The 500 members of the Southern California Association of Non-Profit Housing (SCANPH) oppose the proposed FDIC rule change exempting thousdands of banks from CRA requirements.

Since 1986, SCANPH members have produced 62,000 units of affordable housing throughout Southern California in both urban and rural areas. In 2002, our members had another $1.3 billion worth of housing in the development pipeline.

These advances would not exist with the CRA's healthy involvement with the banking industry -- our partners. To exempt so many thousands of banks unreasonably will adversely impact the gains SCANPH members have made in the region.

SCANPH agrees with the National Congress for Community Economic Development that this proposed change would have a devastating effect on affordable housing and community development investment throughout SOuthern California and the nation.

Please rescind your proposal.

Sincerely,
Sam Mistrano, Deputy Executive Director