From: Janet Thompson [mailto:janet_thompson@thomcon.com]
Sent: Thursday, September 16, 2004 10:12 AM
To: Comments
Subject: Oppose Efforts to Weaken CRA RIN number 3064-AC50
Janet Thompson
33 West 93rd Street
New York, NY 10025
September 16, 2004
Federal Deposit Insurance Commission
Dear Federal Deposit Insurance Commission:
I served as the CRA Director for almost a decade with the largest
bank holding company in the United States. I witnessed first hand the
positive impact of the CRA legislation in both urban and rural areas of
our country. It is appalling to me that the FDIC would recommend
weakening these laws for small banks (who are expected to do relatively
small amounts of reinvestment) and that further the FDIC would ignore a
connection to a holding company for determining size and responsibility.
Despite the successes of community development locally and
nationally, the banks and thrift institutions that provided the loans,
services, and investments to build new homes, businesses, and community
facilities may no longer have the impetus to do so if the FDIC raises
the comprehensive CRA exam threshold.
I agree with the National Congress for Community Economic Development
that this proposed change would have a devastating effect on affordable
housing and community development investment throughout the nation,
particularly in rural areas.
President Bushes comments promoting an "Ownership Society" are truly
disingenuous if the actions of officials he appointed are undermining
proven laws that revitalize communities, increase minority
homeownership, and increase small business ownership for women and
minorities.
Please rescind your proposal. It takes away yet another support
system for lower income communities striving for self-sufficiency. How
blind can the FDIC be?
I would be pleased to know which NY Congressional members are
supporting the FDIC in this matter so that I will have this information
for the upcoming November and future elections.
Sincerely,
Janet W. Thompson
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