From: Michelle Yohon [mailto:myohon@ruralinc.org]
Sent: Thursday, September 16, 2004 3:33 PM
To: Comments
Subject: RIN 3064-AC50, Community Reinvestment
Dear Mr. Feldman:
I am a concerned citizen (or representative of a community group)
strongly opposed to your proposal to significantly weaken the Community
Reinvestment Act (CRA). You propose much easier CRA requirements for
banks between $250 million to $1 billion in assets. This proposal will
result in much fewer home and small business loans to low- and
moderate-income borrowers and much fewer community development loans and
investments in low- and moderate-income communities. In addition, you
propose that all FDIC-supervised banks can earn CRA points by financing
community development projects that benefit affluent residents in rural
areas, instead of low- and moderate-income consumers and communities in
rural America. This is directly contrary to CRAs focus on meeting
credit needs of low- and moderate-income communities. In sum, your
proposal to change the CRA regulation will result in much fewer loans,
investments, and branches in low- and moderate-income communities.
Please withdraw your harmful proposal.
Sincerely,
Michelle Yohon
Payroll Administrator
Rural Opportunities, Inc.
400 East Ave.
Rochester, NY 14607
585-340-3323
585-340-3318 Fax
myohon@ruralinc.org