FDIC Federal Register Citations

From: Bruce Wade [mailto:Activist@taurus-tech.net]
Sent: Thursday, September 16, 2004 2:40 AM
To: Comments
Subject: Withdraw proposed change to CRA (RIN 3064-AC50)

Wednesday, September 15, 2004

The Honorable FDIC Comments Center

Dear FDIC Comments Center,
As a concerned citizen, I urge you to withdraw your proposed changes to the Community Reinvestment Act regulations (RIN 3064-AC50). CRA has been instrumental in increasing homeownership and economic development. This action will harm our communities.
Giving profit-based banks the means to avoid the costs of the CRA will greatly impact those that should benefit from that Act. The proportions of banks subject to higher scrutiny and action in the new proposal is only 5% of the existing institutions. While I would like to trust my local bank to act in it's and my long term interests, I expect my government to impose regulations that require those actions and subject the institutions to close examination. The S&L disaster from the 80's was brought about by lax oversight. Please do not let such a thing happen again.

Sincerely
Bruce Wade
Shoreline, WA