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FDIC Federal Register Citations
From: higley@wiscub.org [mailto:higley@wiscub.org]
Sent: Wednesday, October 20, 2004 8:42 AM
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:
Just today I read an article by Ralph Nader criticizing the FDIC and
other bank regulators for considering relaxing the standards for complying
with the Community Reinvestment Act. Nader accuses the FDIC and other
bank regulators of coddling the banks they regulate--you literally look
for ways to keep the banks happy instead of doing your job, which is
to protect the public interest. 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 urge you to withdraw the FDIC’s 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,
Charles Higley
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