Federal Deposit
Insurance Corporation

From: Steve Dubb [mailto:sgdubb@yahoo.com]
Sent: Wednesday, October 20, 2004 9:57 AM
To: Comments
Subject: Oppose Efforts to Weaken CRA RIN number 3064-AC50

Steve Dubb
4007 W. Bay Villa Avenue
Tampa, FL 33611

October 20, 2004

Federal Deposit Insurance Commission

Dear Federal Deposit Insurance Commission:

I am writing to express my concern regarding proposed changes to the Community Reinvestment Act that would weaken FDIC monitoring of mid-size banks and thrifts.

As you know, the Community Reinvestment Act has played a critical role in breaking down old patterns of red-lining. For the first time in our nation's history, as a result of CRA, minority neighborhoods are beginning to receive the loans and investments they need to build new homes, businesses, and community facilities. The result has been the revitalization of long-neglected inner city neighborhoods and record levels of minority homeownership.

But despite this progress, there remains a large gap between minority and white levels of homeownership. And mnority communities are still recovering from decades of underinvestment.

Rolling back CRA monitoring for mid-size banks and thrifts thus would send exacltly the wrong signal at the wrong time.

I agree with the National Congress for Community Economic Development that this proposed change would have a devastating effect on affordable housing and community development investment throughout the nation, not just in
urban areas, but also in rural areas, since, under the proposed changes, banks could earn CRA points for financing developments in rural areas, with if the loans do not serve people with low or moderate incomes.

President Bush has called for the creation of an "Ownership Society." But it is hard to imagine his vision of an ownership society being achieved unless strong CRA regulations remain in place to revitalize communities, increase minority homeownership, and increase small business ownership for women and minorities.

I therefore call on you to rescind your proposal.

Sincerely,
Steve Dubb