FDIC Federal Register Citations

From: Richard Rand
Sent: Thursday, September 16, 2004 4:21 PM
To: Comments
Subject: RIN 3064-AC50, Community Reinvestment Act

Dear Mr. Feldman:

I am strongly opposed to your proposal which would significantly weaken the Community Reinvestment Act (CRA). You propose much easier CRA requirements for banks between $250 million to $1 billion in assets.

This proposal will result in much fewer home and small business loans to low and moderate income borrowers and much fewer community development loans and investments in low and moderate income communities, including branches and 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 this proposal.

Sincerely,

Richard Rand
5329 S Greenwood Ave
Chicago, IL 60615