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FDIC Federal Register Citations First
National Bank Re: RIN3064-AC50 Community Reinvestment Act (CRA) Dear Mr. Feldman: In this regard, Community Banks like First National Bank, subject to the large bank examination standards under CRA have the greatest challenge since we do not have the resources, both human and systems, to devote to the detailed CRA administrative requirements that large banks have available. Increasing the threshold for streamlined examination eligibility would benefit FNB Corporation significantly, without in any way affecting our dedication to CRA lending. CRA lending is a very important component of our overall Community Bank lending strategy and our commitment to meeting the financial services needs of the communities we serve. First National Bank will celebrate 100 years of service to the community in 2006. We are very proud of the partnerships we have forged to provide new construction for low-income families and rehabilitation of single-family homes for the working poor. Experience has proved that small banks like First National Bank simply cannot compete against the large banks and super regionals for qualified investments in the communities we serve. The large bank test, with its investment component, simply does not work for Community Banks. To summarize, we applaud the FDIC for taking the initiative to relieve the regulatory burden and inherent inequities of current CRA reporting requirements. Making CRA easier by adopting a "small bank" definition will free valuable resources and reduce the growing regulatory compliance burden. We appreciate the opportunity to comment on this helpful initiative. Sincerely
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Last Updated 11/22/2004 | regs@fdic.gov |