Federal Deposit
Insurance Corporation

From: JS7096@albany.edu [mailto:JS7096@albany.edu]
Sent: Wednesday, October 20, 2004 2:30 PM
To: Comments
Subject: Save the Community Reinvestment Act

Dear FDIC,

Mr. Feldman:

As a sociologist who takes issues related to race and wealth inequality seriously, I have spent considerable time researching and reading about banking policies that have inherently been racist and discriminatory. The Community Reinvestment Act (CRA) is one of the final hopes that the government has as it relates to improving the conditions of low-income, predominately minority communities that disproportionately suffer disinvestment.

Permitting the most successful or profitable banks from being accountable to the CRA would seriously undermine the very foundations and philosophy behind the initial enactment of such a policy. I urge you to seriously reconsider this plan.

Sincerely and with Greatest Concern,

Jannette L. Swanson
************************************
I am a concerned citizen who opposes your rule proposal that would ease Community Reinvestment Act (CRA) requirements for most of the banks in my area. CRA is vital for increasing homeownership, promoting minority business ownership, meeting the community development needs of struggling communities and support the capital requirements of nonprofits.

I am very concerned that the proposed Federal Deposit Insurance Corporation (FDIC) rule would be harmful to the community in which I live and hundreds of town, cities and rural areas across the United States.

In the new watered-down process for mid-size banks, FDIC would allow these financial institutions to pick and choose which community development activities they will undertake. Right now, these banks must make community development loans, investments, and services. Your proposed test allows banks to choose only one of the three activities. The result will be less community development activity were I live. That will mean fewer jobs, fewer homes and fewer community services.

As I understand it, the Community Reinvestment Act was made law to require lenders to meet community needs. Your rule proposal flies directly in the face of this requirement. It would harm my community, the quality of my life and tens of thousands of Americans like me. I urge you in the strongest possible terms to drop this hurtful rule proposal.

Jannette Swanson
157 Chestnut Street
Albany, New York 12210