|
FDIC Federal Register Citations
From: diane@newventurenetwork.com [mailto:diane@newventurenetwork.com]
Sent: Wednesday, October 20, 2004 8:23 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:
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.
When I was the director of a small community-based nonprofit organization,
CRA support was crucial to our functioning and survival. Because of the
support we received from a local bank, our organization was able to offer
economic development assistance to a larnge number of small businesses
in the community. Had we not been able to leverage ourCRA support, we
would not have been able to make as bigan impact in the community as
we did.
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,
Diane Franklin
|
