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AMERICAN FRIENDS SERVICE COMMITTEE
September 24, 2004
Mr. Robert E. Feldman
Executive Secretary
Attention: Comments/Legal ESS
Federal Deposit Insurance Corporation
550 17th Street NW
Washington, DC 20429
RE: RIN 3064-AC50 Dear Mr. Feldman:
The American Friends Service Committee (AFSC) is a Quaker-based
organization working for peace and justice in more than forty
communities nationwide. Our constituencies include immigrants, youth,
low-income families, and members of faith communities across the United
States. Our work in community development is rooted in a belief in the
dignity and worth of every person.
We are writing to urge you to withdraw your proposed changes to the
Community Reinvestment Act (CRA). As you know, the CRA has been
instrumental in increasing homeownership and economic development in the
nation's minority, immigrant, and low- and moderate-income communities.
The proposed rule changes would violate CRA's mandate to require lenders
to meet these community needs.
The people and communities AFSC works with would be harmed by these
changes. In Logan County, West Virginia, for instance, AFSC's New
Empowerment for Women Plus project has helped increase home ownership
among rural Appalachian women and minorities. Statewide, our West
Virginia Economic Justice Project has increased the number of West
Virginians Investing in Individual Development Accounts. In New
Hampshire, AFSC has increased access to credit, banking, and affordable
housing across the state. Because the CRA is an essential tool in
helping low-income families meet their credit and service needs and in
community reinvestment, we are deeply concerned that the changes would
lead to a greater risk of hunger, homelessness, and economic distress in
our cities and rural communities.
Thank you for your careful attention to these concerns.
Sincerely,
Roberta Spivek
National Representative for Economic Justice
American Friends Service Committee
1501 Cherry Street
Philadelphia, PA 19102-1403 |
