FDIC Federal Register Citations

Dear Mr. Feldman:

I am a concerned citizen strongly opposed to your proposal to 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 CRA¹s 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,

Raj Nayak
Equal Justice Works Fellow / Staff Attorney
Sargent Shriver National Center on Poverty Law
50 East Washington, Suite 500
Chicago, Illinois 60602
ph: (312) 263-3830 ext. 243
fax: (312) 263-3846
rajnayak@povertylaw.org