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FDIC Federal Register Citations



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FDIC Federal Register Citations


From: Suzanne Masland [mailto:suzannemasland@yahoo.com]
Sent: Sunday, September 19, 2004 12:49 PM
To: Comments
Subject: RIN 3064-AC50, Community Reinvestment
Dear Mr. Feldman:
I work extensively in community development throughout Vermont and in the non-profit arena. I am very well aware of the critical need Vermont and NH has for affordable housing. In the last decade more and more policy initiatives and a depleted economy has threatened every citizen’s right to a safe and comfortable place to live. Even for families who are struggling by working 2 jobs for each wage earner in the family is no longer enough. Your proposal is short-sighted in many ways, but the most obvious is this: in order to build a strong economy we need citizens who are properly housed, fed and strong enough to work and contribute to our economy.

I am very concerned and opposed to your proposal to significantly weaken the Community Reinvestment Act (CRA). You propose much easier CRA requirements for banks between $500 million to $1 billion in assets. This proposal will result in much fewer home and small business loans to low- and moderate-income borrowers and much fewer community development loans and investments in low- and moderate-income communities. In addition, you propose that banks can earn CRA points by financing community development projects that benefit affluent residents in rural areas, instead of low-and moderate-income consumers and communities in rural America. This is directly contrary to CRA$E2s 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,
Suzanne Masland
Masland Consulting
714 Pero Hill Rd.
Thetford Center, VT 05075
Last Updated 10/01/2004 regs@fdic.gov

Last Updated: August 4, 2024