From: Bbayes2@aol.com [mailto:Bbayes2@aol.com]
Sent: Tuesday, August 31, 2004 2:21 PM
To: Comments
Subject: Proposed CRA revisions
To Whom It May Concern:
I strongly object to changing the standards for bank participation in
the Community Reinvestment Act. I live in a small town in a largely
rural state. We have a few large banks but most are smaller and would
lose the requirement that they reinvest in serving the poor in their
communities through lending, investing, and providing services.
I work with a program that partners with a small bank to provide
modest interest rate loans to working poor families so they will have
transportation to get to work. This is an allowed CRA activity for
smaller banks. Larger banks would not meet their CRA mandate in this
project because their CRA activities have to revolve around housing and
business loans, not small loans like what we and our partner bank
provide. The services we provide are extremely important to our clients.
The TO in Ways to Work is the second most common barrier that low income
families face in trying to get on their economic feet.
Thank you for allowing me the opportunity to comment.
Barbara Bayes, Director
Good News MOuntaineer Garage
221 1/2 Hale St
Charleston, WV 25301
304-344-8445
