FDIC Federal Register Citations

From: MAGolden1@aol.com [mailto:MAGolden1@aol.com]
Sent: Thursday, September 16, 2004 4:11 PM
To: Comments
Cc: newsletter-reply@web.liscnet.org
Subject: Community Reinvestment -- RIN 3064-AC50

I oppose the FDIC's proposal to allow banks with assets above $250 million to be examined as small banks under the Community Reinvestment Act. This policy would reduce lending, investments and services in low-income communities.

As a former banker, I understand the issues from both sides. Fed and other regulatory exams can be a royal pain. However, there are many banks whose only concern on their communities, beyond profit, are CRA-driven. Taking this stick away, el;iminating the threat of full exams, will give them license to completely ignore community needs. I can think of one bank in particular that doesn't even return phone calls from community groups, much less look for ways to work together.

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Michael Golden
Council Member
433 Newbold Road
Jenkintown, PA 19046
MAGolden1@AOL.com
Home - 215-517-6975
Cell - 267-971-8287