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FDIC Federal Register Citations

From: Lynne Morrow [mailto:lmmorrow@sbcglobal.net]
Sent: Friday, September 17, 2004 10:40 PM
To: Comments
Subject: Oppose Efforts to Weaken CRA RIN number 3064-AC50

Lynne Morrow
395 Stone Ave
Lake Zurich, IL 60047

September 17, 2004

Dear Federal Deposit Insurance Commission:

As a former officer of a successful community bank, I would like to request that the FDIC rescind its proposal to weaken the CRA.

I am also an ELCA Lutheran Christian and to us, "Sufficiency" means adequate access to income and other resources that enable people to meet their basic needs, including nutrition, clothing, housing, health care, personal development, and participation in community with dignity. God has created a world of sufficiency for all, providing us daily and abundantly with all the necessities of life. The problem is not the lack of resources, but how they are shared, distributed, and made accessible within society. Justice seeks fairness in how goods, services, income, and wealth are allocated among people so that they can acquire what they need to live.

The Bible illustrates the plight of people in poverty and calls on God's people to have compassion and care for the poor. The Bible also speaks harshly against those who would create unjust practices and disadvantages for the poor. Isaiah condemns those who make a mockery of God's gifts by hurting the poor: " Ah, you who make iniquitous decrees, who write oppressive statutes, to turn aside the needy from justice and to rob the poor of their right." (Isaiah 10:1-2) The ELCA teaches that poverty is a "problem of the whole human community, not only of the poor and vulnerable. There are those who "follow their greed and not God," contributing to the poor "losing their basic productive resources, and falling into cycles of indebtedness."

Despite the successes of community development locally and nationally, the banks and thrift institutions that provided the loans, services, and investments to build new homes, businesses, and community facilities may no longer have the impetus to do so if the FDIC raises the comprehensive CRA exam threshold.

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.

President Bush's comments on promoting an "Ownership Society" are truly disingenuous if the actions of officials he appointed are undermining proven laws that revitalize communities, increase minority homeownership, and increase small business ownership for women and minorities.

Please rescind your proposal.

Sincerely,
Lynne Morrow
 

Last Updated 10/01/2004 regs@fdic.gov

Last Updated: August 4, 2024