From: LPohlmann@aol.com [mailto:LPohlmann@aol.com]
Sent: Thursday, September 16, 2004 3:25 PM
To: Comments
Cc: rschloemer@housingcluster.org
Subject: RIN 3064-AC50
Dear Mr. Feldman:
I am the Executive Director of Rebuilding Together Quad Cities, a non
profit that assists elderly, disabled and low-income homeowners, and I
am strongly opposed to your proposal to significantly weaken the
Community Reinvestment Act (CRA). You propose much easier CRA
requirements for banks between $500 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 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 CRA¹s
focus on meeting credit needs of low- and moderate-income communities.
In essence, all of your proposals will result in much fewer loans,
investments, and branches in low- and moderate-income communities.
Please withdraw this harmful proposal.
--
Lee Pohlmann
Executive Director
Rebuilding Together Quad Cities
Phone: 563-322-6534
Fax: 563-381-4283
www.rebuildingtogetherquadcities.org
