FDIC Federal Register Citations

From: Grant Moser [mailto:grantmoser@hotmail.com]
Sent: Friday, September 17, 2004 1:33 PM
To: Comments
Subject: RIN 3064-AC50

Robert E. Feldman
Executive Secretary
Attention: Comments/Legal ISS
Federal Deposit Insurance Corporation
550 17th Street, NW
Washington, DC 20429-9990.
Re: RIN 3064-AC50

Gentlemen, Re RIN 3064-AC50:

I strongly oppose the proposed rule changing the Community Reinvestment Act
regulations. In my opinion, it will really undermine rural communities.
Please do not adopt this rule.

The Community Reinvestment Act is the most successful community
revitalization program in the nation's history. So far, it has made more
than $1.5 trillion available, much of it to developers and nonprofit groups
that build affordable housing for the elderly and disabled people, as well
as to medical clinics and other projects that would never get built if they
were left to the private sector.

The proposed changes could allow more than a thousand banks to back away
from their community development obligations, leaving consumers in many
states with worse banking services, and the communities themselves devoid of
badly needed development projects. Communities could find themselves back in
the days when there was no support.

Again, I respectfully submit my opposition to the proposed rule changing the
Community Reinvestment Act regulations. In my opinion, it will really
undermine rural communities. Please do not adopt this rule.

Respectfully,
Grant Moser
36 West 15th Street, Apt. 2
New York NY 10011