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From: Beth LEValley [mailto:srbeth1@juno.com]
Sent: Monday, October 04, 2004 9:04 AM
To: Comments
Subject: In regard to CRA
October 4, 2004
To whom it may concern:
I have long represented the religious community in regard to CRA
work. We, the religious community of Greater Rochester, testified both
inBuffalo and Syracuse when the then President Clinton was evaluating
theCRA regulations and working to make them more effective.
At our Community Development Committee meetings at that time banks
who at first did not attend or respond were all of a sudden present. As
I reflected why, it struck me it was because of CRA. Then as we worked
to assist the community of the city in starting the first community
development credit union in our district, Progressive Neighborhood
Federal Credit Union, we say so much support, especially through
donations and non-member deposits. There was also great collaboration
and good will which lasts until today. I am very clear, however, that it
was because of the CRA regulations giving specific credit for non-member
deposits in community development credit unions.
Now we find our banks getting larger and larger, mergers happen again
and again. We now have a number of small banks assuming a good part of
the market and moving to become the next iteration of community banking
with staff close to the community.
From this history and from my experience with these emerging
institutions that serve underserved people, I am absolutely opposed to
any weakening of CRA.
I remember when I started a banker visited the closest community
development credit union, putting on his bank pin. He told me that he
received credit if he put on his pin. He thought it was a bit
ridiculous, ie not because they were investing in anything or actually
DOING anything in the low income communities of our city/county - just
putting on a pin.
Know that I would be happy to tell this story anywhere. I have
further stories not totally related to CRA about how when Progressive
started we had a spirit of unprecedented collaboration. I even talked at
a national meeting about this as did our manager at another one. I now
have stories of competition which is not helping the institutions
serving the low income neighborhoods who have an actual track record of
doing so. Banks know we are helping the people become bankable where
they - banks and people - find failure working with traditional banks.
Sincerely,
Sr. Beth LeValley
Once facilitator of the Community Development Committee of Greater
Rochester Community of Churches (GRCC)
Former President, GRCC which continues to serve as the 501c3 sponsor of
Progressive Neighborhood FCU
VP/Secretary of Progressive
Secretary of Community Microenterprise Center, Inc. - community
development organization
Founder and continuing member of Greater Rochester Community
Reinvestment
Coalition
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