Famicos
Foundation
September 24,2004
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,
Famicos 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.
Cleveland, Ohio.
For example: The Community Reinvestment Act is a critical component
of our community’s affordable
housing and community development solutions. For the past 35 years,
Famicos
Foundation has built over 700 homes. and helped to create many 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 to withdraw
its proposed rule.
Sincerely,
Rhonda Overby
Famicos Foundation
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