FDIC Federal Register Citations

From: Dave Richins [mailto:mesagrande@cox.net]
Sent: Tuesday, October 19, 2004 12:26 PM
To: Comments
Subject: Oppose Efforts to Weaken CRA

Dave Richins
833 W. Eleventh Place
Mesa, Arizona 85201

October 19, 2004

Federal Deposit Insurance Commission
,

Dear Federal Deposit Insurance Commission:

Working in a western community on the brink I have personally seen what
CRA does to help our community. We are on the verge of good things
happening here in Mesa. CRA will continue to help us in the development of
Micro business enterprises, small business, and stregthening the business
sector in areas banks may pass over because of the predisposed notion that
there is no profit there. CRA has proven that to be wrong.

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, particularly
in rural areas.

The FDIC proposes that the community development loans and investments in
rural areas can benefit any group of individuals, not just low- and
moderate-income individuals. Currently, banks have to finance affordable
housing and economic development projects that target low- and
moderate-income borrowers and neighborhoods. Under the proposed changes,
nothing in the CRA regulations would prevent banks from earning CRA points
for financing developments with no community development benefit
whatsoever. Moreover, the one part exams would cover 99 percent of all
FDIC-supervised banks located in rural areas.

President Bush’s comments promoting an "Ownership Society" are encouraging
and can be realized only if we keep a strong CRA.

Please rescind your proposal.

Sincerely,

Dave Richins