From: rmagnoni@aol.com [mailto:rmagnoni@aol.com]
Sent: Tuesday, October 19, 2004 11:15 PM
To: Comments
Subject: RIN 3064-AC50
Re: Preserving the Community Reinvestment Act
Mr. Robert E. Feldman
Executive Secretary
Attention: Comments/Legal ESS
Federal Deposit Insurance Corporation
550 17th Street NW
Washington, DC 20429 Dear Mr. Feldman: As a socially responsible investor, I
am aware of the vital role played by CDFIs in revitalizing communities
through affordable housing and small business startups. The Community
Reinvestment Act has provided banks with an important incentive to work with
CDFIs and provide vitally needed capital to struggling communities. I
strenuously urge you to withdraw the FDICs rule proposal that would allow
midsize banks to pursue only one of the three important community
development activities they are now required to undertake: lending,
investment, and services. I believe that this misguided rule would mean a
devastating reduction in support for the essential work of CDFIs, resulting
in fewer jobs, fewer affordable homes, and fewer community services. Yours
Sincerely, Rebecca Magnoni