FDIC Federal Register Citations

From: Melissa Nalani Ross [mailto:melissaross@povertylaw.org]
Sent: Thursday, September 16, 2004 3:56 PM
To: Comments
Subject: RIN 3064-AC50

Dear Mr. Feldman:

I strongly oppose your proposal to weaken the Community Reinvestment Act by making CRA requirements easier for banks between $250 million to $1 billion in assets. This will have detrimental effects on low to moderate income borrowers, by decreasing the amount of small business and community investment loans (which include financial education and asset building programs). In addition, you propose that all FDIC-supervised 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’s focus on meeting credit needs of low- and moderate-income communities. In sum, your proposal to change the CRA regulation will result in much fewer loans, investments, branches, and financial education and asset building programs in low- and moderate-income communities. Please withdraw your harmful proposal.

Sincerely,

Melissa N. Ross
Housing and Economic Opportunities Specialist
Sargent Shriver National Center on Poverty Law
50 E. Washington Street, Suite 500
Chicago, IL 60602
p: 312.263.3830 ext.274
f: 312.263.3846
www.povertylaw.org