From: Rich Gorringe [mailto:richgorr@msn.com]
Sent: Wednesday, September 08, 2004 11:35 PM
To: Comments
Subject: Community Reinvestment -- RIN 3064-AC50
The Bush administration is quietly considering weakening the Community
Reinvestment Act by relieving some 2,000 banks of their obligation
to provide investments and services in low-income areas. Today, banks
with $250 million or more in assets must demonstrate the distribution
of their loans by geography and income and show that they provide
both services and investments that benefit low- and moderate-income
households and neighborhoods in their communities. But under the
Bush administration rollback, banks with assets of $1 billion or
less would be exempted from these rules. According to FDIC data,
the states with no institutions with more than $1 billion in assets
are: District of Columbia, Hawaii, Idaho and Wyoming. States with
four or fewer such institutions are: Alaska, Arkansas, Iowa, Louisiana,
Maine, Minnesota, Montana, North Dakota, New Hampshire, Oregon, South
Dakota, Vermont and West Virginia.
I am registering my vehement objection to these rules which roll
back these vital community services.
