FDIC Federal Register Citations

September 24, 2004

Mr. Robert E. Feldman
Executive Secretary
Attention: Comments/Legal ESS
Federal Deposit Insurance Corporation
550 17th St. NW
Washington, DC 20429

RE: RIN 3064-AC50

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 Famicos 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.

Cleveland, Ohio, one of the Nation’s poorest cities, for example: The Community Reinvestment Act is a critical component of our community’s affordable housing and community development solutions. For the past 35 years, The Famicos Foundation has built or renovated over 700 safe, decent, affordable homes and provided services to those with special needs. Many of the families we serve are single, female-headed households. Without strong support from our financial institution partners, this work would not have been possible.

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 to withdraw its proposed rule.

Sincerely,
Amy Eiben
Famicos Foundation
1325 Ansel Road, Cleveland, OH