From: Raul Raymundo
[mailto:rraymundo@resurrectionproject.org]
Sent: Friday, September 17, 2004 4:36 PM
To: Comments
Subject: Community Reinvestment -- RIN 3064-AC50
Mr. Robert E. Feldman, Executive Secretary
Comments/Legal ESS
Federal Deposit Insurance Corporation
550 17th St., NW
Washington, DC 20429
Re: RIN Number 3064-AC50
The Resurrection Project (TRP) opposes the FDIC's proposal to classify
banks with assets above $250 million to be examined as small banks
under the Community Reinvestment Act (CRA). TRP is a faith-based
community development organization working to create healthier
communities in the Latino west side neighborhoods of Chicago. Our
organization has generated more than $75 million in community reinvestment
through the creation of new homes and community facilities. Our
work would not have been possible without the existing CRA legislation.
Your propose changes to CRA would reduce lending, investments and
services in low-income communities. As you know CRA has been largely
responsible for increasing home ownership, boosting economic development,
and expanding small businesses in the nations low-and moderate-income,
minority, and immigrant communities. Your intentions to re-classify
small banks as institutions with a billion in assets will be counterproductive
to the many gains that working class communities have experience
as a result of the current CRA legislation. Working people in many
communities across this country expect small banks ($250 million
in assets) to reinvest in their neighborhoods by providing affordable
banking services and savings and checking accounts to residents
with modest incomes. The current CRA legislation is working! Again,
we urge you withdraw your proposed changes to CRA.
Sincerely,
Raul I. Raymundo
Executive Director
The Resurrection Project
