FDIC Federal Register Citations

From: s.abrahamson@comcast.net [mailto:s.abrahamson@comcast.net]
Sent: Friday, October 15, 2004 9:19 AM
To: Comments
Subject: Save the Community Reinvestment Act

Dear FDIC,

Mr. Feldman:

I am a concerned citizen and former bank marketing executive who opposes your rule proposal that would ease Community Reinvestment Act (CRA) requirements for most of the banks in my area. CRA is vital for increasing homeownership, promoting minority business ownership, meeting the community development needs of struggling communities and support the capital requirements of nonprofits.

I am very concerned that the proposed Federal Deposit Insurance Corporation (FDIC) rule would be harmful to the community in which I live and hundreds of town, cities and rural areas across the United States.

As I understand it, the Community Reinvestment Act was made law to require lenders to meet community needs. Your rule proposal flies directly in the face of this requirement. I urge you in the strongest possible terms to drop this hurtful rule proposal.

Having worked for years in the financial service industry I know that CRA requirements are not onerous in the least. If anythign CRA requirements should be increased not decreased.

Steve Abrahamson
31 Columbus Ave
Montclair, NJ 07042