Skip to main content
U.S. flag
An official website of the United States government
Dot gov
The .gov means it’s official. 
Federal government websites often end in .gov or .mil. Before sharing sensitive information, make sure you’re on a federal government site.
Https
The site is secure. 
The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.
Federal Register Publications

FDIC Federal Register Citations



Home > Regulation & Examinations > Laws & Regulations > FDIC Federal Register Citations




FDIC Federal Register Citations

INDEPENDENCE FIRST

Attention: Comments/Legal ESS
Federal Deposit Insurance Corporation
550 17th St, NW
Washington, DC 20429

September 16, 2004

RE: RIN 3064-AC50

Dear Mr. Feldman;

As the Housing. Program Coordinator of IndependenceFirst, as a concerned citizen of Wisconsin, as a resident of the metropolitan area of Milwaukee, and as a person with a disability, I am writing about the proposed changes to the Community Reinvestment Act that I believe will be harmful to many communities.

The Community Reinvestment Act was brought about in response to a need for investment in low-income and moderate-income communities, and it continues to serve  that purpose. I live in a suburb south of Milwaukee, but work near downtown Milwaukee, and my job brings me to many different parts of the city. I am a witness to the effects of racial and economic segregation that lives on in the city. We need more economic investment in those areas not less! To reduce the effectiveness of CRA would be to weaken the requirements of some local banks serving neighborhoods in the city, and to weaken the neighborhoods by denying them access to the programs, services and funds that CRA encourages banks to provide.

I am aware that many bankers are calling for those changes to the CRA, but please remember that one of FDIC's duties is to regulate those banks and their activities. That should mean that FDIC should require that banks fulfill their duty to the communities they serve. In the watered-down exam, FDIC would allow. mid-sized banks to choose which community development activities they will undertake. Right now, these banks must make community development loans, investments, and services.. The proposed test allows banks to choose only one of the three Activities. The result can only be' less community development activity.

I am very disturbed by the proposal that would eliminate publicly available data on the small business lending of mid-sized banks. As we have seen again and again, with little or no transparency in business and government affairs, abuses often occur. Without those data, how are community groups and advocates to hold banks accountable for meeting their obligations?

I ask the FDIC to not only reject the proposed changes to the Community Reinvestment Act, but to explore ways that the CRA can be strengthened to serve rural communities, minority communities, low-to-moderate income communities, and people with disabilities.

Sincerely,

Brian Peters
Housing Program Coordinator
IndependenceFirst
Milwaukee, WI

cc: National Community Reinvestment Coalition
President George W Bush
Senator John Kerry
Senator John Edwards

Last Updated 10/18/2004 regs@fdic.gov

Last Updated: August 4, 2024