Federal Deposit
Insurance Corporation

From: gfoster@acof.org [mailto:gfoster@acof.org]
Sent: Friday, October 15, 2004 8:36 AM
To: Comments
Subject: Community Reinvestment -- RIN 3064-AC50

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, A Community of Friends, 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.

The Community Reinvestment Act is a critical component of our community’s affordable housing and community development solutions. For the past 15 years, A Community has built 1000 apartment units for homeless persons with chronic mental illness, improving the lives of very low-income individuals and families in our community as well as cleaning up our streets. We depend on the Community Lending divisions of our local banks for construction loans. Without strong support from our financial institution partners, this work would not have been possible.

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,

Genette Foster
A Community of Friends
3345 Wilshire Blvd. #1000
Los Angeles, CA 90010