From: Ray Giroux [mailto:ray_giroux@yahoo.com]
Sent: Thursday, September 16, 2004 12:11 PM
To: Comments
Subject: CRA comments
Dear Mr. Feldman:
I am a member of a minority group (the disability community)
disproportionately composed of
low-income individuals. As such I am strongly opposed to your proposal
to significantly weaken the
Community Reinvestment Act (CRA). You propose much easier CRA
requirements for some banks. This
proposal will result in many fewer home and small business loans to low-
and moderate-income
borrowers and much less community development and investment. 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. This is
directly contrary to CRA’s
focus on meeting credit needs of low- and moderate-income communities.
In sum, your proposals
will result in many fewer loans and investments in low- and
moderate-income communities.
The CRA serves a useful any, yes, noble purpose and should not be
weakened in any way.
