FDIC Federal Register Citations

Robert E. Feldman
Executive Secretary
Attention: Comment
Federal Deposit Insurance Corporation
550 17th St NW
Washington, DC 20429

Dear Officials of the Federal Deposit Insurance Corporation:

I hope that you would assume a position similar to the National Community Reinvestment Coalition and oppose the proposed changes to the CRA.

Some very important economic and social effects would be felt if the proposed changes go into effect. i.e.

1. access to home ownership;
2. boosting economic development;
3. expanding small businesses especially for minority groups, immigrants, and low and moderate income communities;
4. community reinvestment;
5. predatory lending;
6. holding financial institutions accountable;
7. smaller banks are needed to encourage reinvestment in the community.

Regulators should lower a bank's CRA rating when they include loan “features” such as:
1. prepayment penalties;
2. loans with balloon payments; and
3. single premium credit insurance policies that give a false sense of protection.

Thank you for your attention to this critical matter.

Sincerely,

Wayne Stroessner
39 East Shore Drive
Random Lake, WI 53075-1608
PH:(920)994-2471