FDIC Federal Register Citations

Rural Opportunities, Inc.

From: JESSIESMIT2@aol.com [mailto:JESSIESMIT2@aol.com]
Sent: Monday, October 11, 2004 8:48 AM
To: Comments
Subject: RIN 3064 - AC50, Community Reinvestment

Dear Mr. Feldman:

I am a concerned citizen strongly opposed to your proposal to significantly weaken the Community Reinvestment Act (CRA). You propose much easier CRA requirements for banks between $500 million to $1 billion in assets. This proposal will result in much fewer home and small business loans to low- and moderate-income borrowers and much fewer community development loans and investments in low- and moderate-income communities. In addition, you propose that banks can earn CRA points by financing community development projects that benefit affluent residents in rural areas, instead of low- and moderate-income consumers and communities in rural America. This is directly contrary to CRA’s focus on meeting credit needs of low- and moderate-income communities. In sum, all of your proposals will result in much fewer loans, investments, and branches in low- and moderate-income communities. Please withdraw your harmful proposal.

Sincerely,

Jessie V. Smith
Rural Opportunities, Inc.
PA Division
1250 Carlisle Road
Aspers, PA 17304