FDIC Federal Register Citations

Resurrection Project

From: Raul Raymundo [mailto:rraymundo@resurrectionproject.org]
Sent: Friday, September 17, 2004 4:36 PM
To: Comments
Subject: Community Reinvestment -- RIN 3064-AC50

Mr. Robert E. Feldman, Executive Secretary
Comments/Legal ESS
Federal Deposit Insurance Corporation
550 17th St., NW
Washington, DC 20429

Re: RIN Number 3064-AC50

The Resurrection Project (TRP) opposes the FDIC's proposal to classify banks with assets above $250 million to be examined as small banks under the Community Reinvestment Act (CRA). TRP is a faith-based community development organization working to create healthier communities in the Latino west side neighborhoods of Chicago. Our organization has generated more than $75 million in community reinvestment through the creation of new homes and community facilities. Our work would not have been possible without the existing CRA legislation. Your propose changes to CRA would reduce lending, investments and services in low-income communities. As you know CRA has been largely responsible for increasing home ownership, boosting economic development, and expanding small businesses in the nations low-and moderate-income, minority, and immigrant communities. Your intentions to re-classify small banks as institutions with a billion in assets will be counterproductive to the many gains that working class communities have experience as a result of the current CRA legislation. Working people in many communities across this country expect small banks ($250 million in assets) to reinvest in their neighborhoods by providing affordable banking services and savings and checking accounts to residents with modest incomes. The current CRA legislation is working! Again, we urge you withdraw your proposed changes to CRA.

Sincerely,

Raul I. Raymundo
Executive Director
The Resurrection Project