Federal Deposit
Insurance Corporation

From: Joel Shore [mailto:jshore@frontiernet.net]
Sent: Saturday, October 16, 2004 2:41 PM
To: Comments
Subject: RIN 3064-AC50, Community Reinvestment

To whom it may concern:

I am a concerned citizen who was recently made aware of FDIC proposals concerning the Community Reinvestment Act (CRA). I am strongly opposed to these proposals because they significantly weaken the CRA. This act is vital for increasing home ownership and economic development in lower-income communities and your proposed changes will likely slow or halt the progress that has been made.

For example, you propose much easier CRA requirements for banks between $250 million to $1 billion in assets. This proposal will result in fewer home and small business loans to low- and moderate-income borrowers and fewer community development loans and investments in low- and moderate-income communities.

In addition, you propose that all FDIC-supervised 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 purpose of meeting credit needs of low- and moderate-income communities.

In summary, your proposal to change the CRA regulation will result in fewer loans, investments, and branches in low- and moderate-income communities. Please withdraw your harmful proposal.

Sincerely,

Joel Shore
242 Oxford St. #1
Rochester, NY 14607