FDIC Federal Register Citations
Families Moving Forward
From: lesliefrost@familiesmovingforward.org [mailto:lesliefrost@familiesmovingforward.org]
Sent: Thursday, October 14, 2004 3:54 PM
To: Comments
Subject: Community Reinvestment -- RIN 3064-AC50
10/14/04 3:54:29 PM
Mr. Robert E. Feldman
Executive Secretary
Attention: Comments/Legal ESS
Federal Deposit Insurance Corporation
550 17th St. NW
Washington, DC 20429
RE: RIN 3064-AC50
Dear Mr. Feldman:
I am writing to request that you to withdraw your proposed changes to
the Community Reinvestment Act (CRA) regulations. My organization,
Families Moving Forward, knows firsthand that the CRA has been
instrumental
in increasing homeownership, boosting economic development, and
expanding small businesses in the nation’s low- and moderate-income
communities.
We are a relatively small, faith-based organization in a dynamic
metropolitan area. Although the large banking organizations in our area
(Wells Fargo, US Bank) are very committed to community redevelopment,
the
many, new, smaller niche banks are not. Raising the threshold for CRA
compliance is definitely going in the wrong direction for these new
institutions.
The proposed FDIC rule
would exempt many of our community’s key
financial partners from the effective and productive requirements
currently in place. We oppose any increase to the threshold of what
is considered to be a small bank,and we urge the FDIC withdraw its
proposed rule Sincerely,
Leslie M. Frost
Families Moving Forward
1808 Emerson Ave. No.
Minneapolis, MN 55411
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