FDIC Federal Register Citations

From: sgoldsmtih@enterprisefoundation.org [mailto:sgoldsmtih@enterprisefoundation.org]
Sent: Thursday, October 14, 2004 2:44 PM
To: Comments
Subject: Community Reinvestment -- RIN 3064-AC50

Mr. Robert E. Feldman
Executive Secretary
Attention: Comments/Legal ESS
Federal Deposit Insurance Corporation
550 17th St. NW
Washington, DC 20429
RE: RIN 3064-AC50

Dear Mr. Feldman:

I am writing to request that you to withdraw your proposed changes to the Community Reinvestment Act (CRA) regulations. My organization, Frederick P. Rose Architectural 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. As the founding director of Artspace for more than 20 years, we created more than 120 homes, childcare and educational facilities, helped create small businesses and improved the lives of low- and moderate-income families in our community. Without strong support from our financial institution partners, particularly small grants at critical times in the pre-development process, this work would simply not have been possible.

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,

Stephen Goldsmith
Frederick P. Rose Architectural Foundation
1283 East South Temple, #203
Salt Lake City, UT 84102