From: Penny Chapman [mailto:roipy@eznet.net]
Sent: Thursday, September 16, 2004 3:30 PM
To: Comments
Subject: SPAM::RIN 3064-AC50
Dear Mr. Feldman:
I am a concerned citizen 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 CRA's 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,
Penelope A. Chapman
Rural Opportunities, Inc.
160 Main Street
Penn Yan, NY 14527