From: Lowe, Jean [mailto:jlowe@grhp.org]
Sent: Friday, September 24, 2004 9:44 AM
To: Comments
Subject: RIN 3064-AC50, Community Reinvestment
Dear Mr. Feldman:
As a community based lender and CDFI, we 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 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, all of your proposals will result in much fewer
loans, investments, and branches in low- and moderate-income
communities. Please withdraw your harmful proposal.
Sincerely,
Jean A. Lowe, President
Greater Rochester Housing Partnership
183 East Main Street, suite 900
Rochester, NY 14604
585-423-6320
fax 585-423-6322 jlowe@grhp.org
