FDIC Federal Register Citations

ARC Foundation

From: rwilliams@arcfoundationinc.org [mailto:rwilliams@arcfoundationinc.org]
Sent: Thursday, October 14, 2004 10:07 AM
To: Comments
Subject: Community Reinvestment -- RIN 3064-AC50

10/14/04 10:07:11 AM

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,
ARC FOUNDATION INC., 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 47
years, the ARC FOUNDATION has built over 500 homes and helped to create
350 jobs, improving the lives of low- and moderate-income families in our
community. Without strong support from our financial institution partners,
this work would 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,

REV. REGINALD WILLIAMS
ARC FOUNDATION INC.
2015 MADISON AVE
NEW YORK, NY 10035