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Federal Register Publications

FDIC Federal Register Citations



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FDIC Federal Register Citations


From: NickNovak14@aol.com [mailto:NickNovak14@aol.com]
Sent: Friday, October 01, 2004 9:16 AM
To: Comments
Subject: RIN 3064-AC50, Community Reinvestment

Dear Mr. Feldman:

I am writing as a concerned citizen and a staff person who works for a nonprofit organization working on housing and community development issues. I am strongly opposed to the FDIC's proposal to significantly weaken the Community Reinvestment Act (CRA). The FDIC's proposal will result in significantly fewer home and small business loans to low and moderate income borrowers and significantly fewer community development loans and investments in low and moderate income communities.

In addition, the proposal would allow banks to earn CRA points by financing community development projects that benefit affluent residents in rural areas, instead of low and moderate income consumers and communities in rural America. This is directly contrary to CRA’s focus on meeting credit needs of low and moderate income communities.

In summary, these proposals will result in significantly fewer loans, investments, and branches in low and moderate income communities. Please withdraw this harmful proposal.

Sincerely,

Nick Novak
401 Oak Street
Stoughton, WI 53589
Last Updated 10/08/2004 regs@fdic.gov

Last Updated: August 4, 2024