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FDIC Federal Register Citations Thomas Taylor, Jr 38 E. Iroquois Rd Pontiac, MI 48341-2015 January 6, 2006 Robert Feldman Federal Deposit Insurance Commission 550 17th Street, NW., Washington, DC 20429 Dear Robert Feldman: The most effective way to expand access to credit to underserved borrowers is to implement rigorous and comprehensive CRA exams that maintain the focus on meeting the credit and deposit needs of low- and moderate-income borrowers and communities. In addition, I recommend that the final Q &A Notice provide CRA points for the provision of low-cost banking services. CRA exams should also penalize banks for abusive products such as bounce protection, the wealth stripping features of which are not advertised clearly to consumers. Finally, I encourage the regulators to add an anti-predatory lending provision to the CRA regulations that will penalize banks for illegal, abusive, and discriminatory loans. Thank you for the opportunity to comment on the need for a strong CRA. Sincerely, Thomas Taylor, Jr
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Last Updated 01/09/2006 | Regs@fdic.gov |