From: Kathryn Kurtz [mailto:kkurtz@afsc.org]
Sent: Thursday, September 16, 2004 3:47 PM
To: Comments
Subject: Oppose Efforts to Weaken CRA RIN number 3064-AC50
Kathryn Kurtz
3613 Hamilton Street
Philadelphia, PA 19104
September 16, 2004
Federal Deposit Insurance Commission
Dear Federal Deposit Insurance Commission:
I am a strongly opposed to your proposal to significantly weaken the
Community Reinvestment Act (CRA). It 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, your proposal will let banks
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
CRA’s focus on meeting credit needs of low- and moderate-income
communities. In sum, all of your proposals will result in much fewer
loans, investments, and branches in low- and moderate-income
communities. Please withdraw your harmful proposal. Please rescind your
proposal.
