From: Lynne Morrow [mailto:lmmorrow@sbcglobal.net]
Sent: Friday, September 17, 2004 10:40 PM
To: Comments
Subject: Oppose Efforts to Weaken CRA RIN number 3064-AC50
Lynne Morrow
395 Stone Ave
Lake Zurich, IL 60047
September 17, 2004
Dear Federal Deposit Insurance Commission:
As a former officer of a successful community bank, I would like to
request that the FDIC rescind its proposal to weaken the CRA.
I am also an ELCA Lutheran Christian and to us, "Sufficiency" means
adequate access to income and other resources that enable people to meet
their basic needs, including nutrition, clothing, housing, health care,
personal development, and participation in community with dignity. God
has created a world of sufficiency for all, providing us daily and
abundantly with all the necessities of life. The problem is not the lack
of resources, but how they are shared, distributed, and made accessible
within society. Justice seeks fairness in how goods, services, income,
and wealth are allocated among people so that they can acquire what they
need to live.
The Bible illustrates the plight of people in poverty and calls on
God's people to have compassion and care for the poor. The Bible also
speaks harshly against those who would create unjust practices and
disadvantages for the poor. Isaiah condemns those who make a mockery of
God's gifts by hurting the poor: " Ah, you who make iniquitous decrees,
who write oppressive statutes, to turn aside the needy from justice and
to rob the poor of their right." (Isaiah 10:1-2) The ELCA teaches that
poverty is a "problem of the whole human community, not only of the poor
and vulnerable. There are those who "follow their greed and not God,"
contributing to the poor "losing their basic productive resources, and
falling into cycles of indebtedness."
Despite the successes of community development locally and
nationally, the banks and thrift institutions that provided the loans,
services, and investments to build new homes, businesses, and community
facilities may no longer have the impetus to do so if the FDIC raises
the comprehensive CRA exam threshold.
I agree with the National Congress for Community Economic Development
that this proposed change would have a devastating effect on affordable
housing and community development investment throughout the nation,
particularly
in rural areas.
President Bush's comments on promoting an "Ownership Society" are
truly disingenuous if the actions of officials he appointed are
undermining proven laws that revitalize communities, increase minority
homeownership, and increase small business ownership for women and
minorities.
Please rescind your proposal.
Sincerely,
Lynne Morrow
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