Federal Deposit
Insurance Corporation

From: szukin@gc.cuny.edu [mailto:szukin@gc.cuny.edu]
Sent: Wednesday, October 20, 2004 10:31 AM
To: Comments
Subject: Save the Community Reinvestment Act

Dear FDIC,

Mr. Feldman:

As an urban sociologist and long-time resident of New York City, I was quite upset when I read in the newspaper about the proposed rule change in the Community Reinvestment Act (CRA) that would release smaller banks from lending requirements in low-icome areas where they do business.

The existing rules that were passed in the 1970s represent a norm of social responsibility that all financial institutions should continue to adhere to. It hardly seems that $250 million in assets is too small to take the worthwhile risk of helping to stabilize underprivileged areas. If the banks give up on this responsibility, there is little reason to have confidence in them, or in any other private-sector institution, for helping to keep up the safety net on which so many regions depend.

Please do not weaken the FDIC requirements for lending in low-income communities.

Sharon Zukin
Professor of Sociology
City University of New York

Sharon Zukin

PhD Program in Sociology
CUNY Graduate Center
New York, NY 10016