From: arocho [mailto:arocholaw@juno.com]
Sent: Tuesday, April 06, 2004 9:29 AM
To: regs.comments@occ.treas.gov; regs.comments@federalreserve.gov;
Comments; regs.comments@ots.treas.gov
Subject: I urge you to withdraw the proposed changes to the Community
Reinvestm ent Act (CRA) regulations
April 6, 2004
Docket No. 04-06
Communications Division
Public Information Room, Mailstop 1-5
Office of the Comptroller of the Currency
250 E St. SW,
Washington 20219
Docket No. R-1181
Jennifer J. Johnson,
Secretary
Board of Governors of the Federal Reserve System
20th Street and Constitution Avenue, NW
Washington DC 20551
Robert E. Feldman,
Executive Secretary
Attention: Comments
Federal Deposit Insurance Corporation
550 17th St NW
Washington DC 20429
Regulation Comments, Attention: No. 2004-04
Chief Counsel’s Office
Office of Thrift Supervision
1700 G Street NW
Washington DC 20552
Dear Officials of Federal Bank and Thrift Agencies:
As a supporter of the National Community Reinvestment Coalition, I
urge you to withdraw the proposed changes to the Community Reinvestment
Act (CRA) regulations. CRA has been instrumental in increasing access to
homeownership, boosting economic development, and expanding small
businesses in the nation’s immigrant, and low- and moderate-income
communities. Your proposed changes are contrary to the CRA statute
because they will halt the progress made in community reinvestment.
The proposed CRA changes will thwart the Administration’s goals of
improving the economic status of immigrants and creating 5.5 million new
low-income homeowners by the end of the decade. Instead, the proposed
CRA changes would facilitate predatory lending and reduce the ability of
the general public to hold financial institutions accountable for
compliance with consumer protection laws. These changes are not good for
this great Nation and the free market system. CRA is simply a law that
makes capitalism work for all Americans. CRA is too vital to be gutted
by harmful regulatory changes and neglect.
Thank you for your attention to this critical matter.
Sincerely,
Tony Arocho
Concerned Citizen
cc: National Community Reinvestment Coalition |
