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FDIC Federal Register Citations From: asteedley@enterprisefoundation.org [mailto:asteedley@enterprisefoundation.org]
Mr. Robert E. Feldman Dear Mr. Feldman: I am writing to request that you to withdraw your proposed changes to the Community Reinvestment Act (CRA) regulations. My organization, Enterprise Foundation, knows firsthand that the CRA has been instrumental in increasing homeownership, boosting economic development, and expanding small businesses in the nation’s low- and moderate-income communities. The Community Reinvestment Act is a critical component of our community’s affordable housing and community development solutions. For the past 20 years, the Enterprise Foundation has built thousands of homes and helped to create thousands of jobs, improving the lives of low- and moderate-income families in communities across the country. Without strong support from our financial institution partners, this work would not have been possible. The Community Reivestment Act has also acted as a catalyst to introduce banking partners to what has become a very lucrative line of business. It has encouraged them to invest in domestic emerging markets, increasing city and state tax bases and overal economic capacity in ways that benefit the entire region. To redefine the applicability of CRA would be devastating not only to low and moderate income neighborhoods where we work, but also to those communities surrounding them. The proposed FDIC rule would exempt many of our community’s key financial partners from the effective and productive requirements currently in place. We oppose any increase to the threshold of what is considered to be a small bank,and we urge the FDIC withdraw its proposed rule Sincerely, Adelaide Steedley
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| Last Updated 11/04/2004 | regs@fdic.gov | |