From: Sarah Schul [mailto:sarah91@verizon.net]
Sent: Monday, September 13, 2004 5:49 PM
To: Comments
Subject: Oppose Efforts to Weaken CRA RIN number 3064-AC50
Sarah Schul
13432 Stowaway Court
Solomons, MD 20688
September 13, 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,
Sarah Schul
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