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FDIC Federal Register Citations From: nelliott@enterprisefoundation.org [mailto:nelliott@enterprisefoundation.org]
Mr. Robert E. Feldman Dear Mr. Feldman: I am writing to request that you to withdraw your proposed changes to the Community Reinvestment Act (CRA) regulations. My organization, The Enterprise Foundation, knows firsthand that the CRA has been instrumental in increasing homeownership, boosting economic development, and expanding small businesses in the nation’s low- and moderate-income communities. The affordable housing development community in San Antonio struggles each year to meet the increasing needs of its working poor. San Antonio is the 8th largest city in the United States with a minority-majority population. We have a large service-sector economy with wages that leave residents struggling to afford basic needs such as healthcare and shelter. The Community Reinvestment Act ensures protection for these valuable working residents of our community. It ensures that the opportunity for homeownership remain alive and well. Affordable homeownership, for many people, is their gateway to accumulation of wealth and movement up the ecomomic ladder, providing security for themselves and their families. In San Antonio,CRA has allowed for increases in minority homeownership in our most distressed communities. Clearly, we cannot afford to diminish the value of such a valuable tool. The proposed FDIC rule would exempt many of our community’s key financial partners from the effective and productive requirements currently in place. We oppose any increase to the threshold of what is considered to be a small bank,and we urge the FDIC withdraw its proposed rule Sincerely, Naomi Elliott
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| Last Updated 11/02/2004 | regs@fdic.gov | |