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From: Brian Martin [mailto:bpmartin@pikecac.org]
Sent: Thursday, September 16, 2004 11:36 AM
To: Comments
Subject: Oppose Efforts to Weaken CRA RIN number 3064-AC50
Brian Martin
326 Arlington Ave.
Waverly, OH 45690
September 16, 2004
Federal Deposit Insurance Commission
Dear Federal Deposit Insurance Commission:
Despite the successes of community development locally and
nationally, the banks and thrift institutions that provided the loans
and investments to build new homes, businesses, and community facilities
may no longer have the impetus to do so if you change the CRA exam
threshold.
According to our membership association, the National Congress for
Community Economic Development, the Federal Deposit Insurance
Corporation is considering changes to weaken the Community Reinvestment
Act.
It is estimated that 2,000 financial institutions would no longer be
evaluated on their investment or services to low- and moderate-income
communities. These banks have assets of nearly $1 trillion, and an
estimated $5 billion of private capital for affordable housing and
community development over the next few years.
These proposed rule changes would have a devastating effect on
affordable housing investment in our state and elsewhere throughout the
nation, particularly in rural areas.
Our organization has built homes and created jobs in our community.
We have increased property values and the quality of life for hundreds
of residents of our community. Without financial partners, our efforts
to revitalize our community would be nearly impossible.
The FDIC should be strengthening incentives for financial
institutions to invest in the communities that provide homes, jobs, and
economic opportunities to working families. Please do not raise the CRA
exam threshold.
Sincerely,
Brian P. Martin
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