FDIC Federal Register Citations

From: Loring Young [mailto:lyoung@garrettcac.org]
Sent: Monday, October 18, 2004 9:59 AM
To: Comments
Subject: Oppose Efforts to Weaken CRA RIN number 3064-AC50

Loring Young
104 E Center Street
Oakland, Maryland 21550

October 18, 2004

Federal Deposit Insurance Commission
,

Dear Federal Deposit Insurance Commission:

Rural communities have had some sucess in Housing development and I
beleive that the CRA is responsible for some of this sucess. Rural area
have a difficult time accessing local supporting funding for projects. To
weaken the CRA would place a large burden on rural areas. Under this
proposal, most rural banks would be exempt from the CRA and I'm positive
that if not required they would focus there funds in other places. Despite
the successes of community development locally and nationally, the banks
and thrift institutions that provide the loans, services, and investments
to build new homes, businesses, and community facilities may no longer
have the impetus to do so if the FDIC raises the comprehensive CRA exam
threshold.

I agree with the National Congress for Community Economic Development that
this proposed change would have a devastating effect on rural affordable
housing and community development investment throughout the nation,
particularly in rural areas. The proposed community development criterion
is not a replacement for ensuring adequate services and investment reach
low- and moderate-income individuals and communities. Successful
development must be targeted to lower income individuals and/or
communities, not rural areas generally.

Please rescind your proposal.

Sincerely,

Loring E. Young