FDIC Federal Register Citations

From: Tim Rand [mailto:timrand@wispertel.net]
Sent: Thursday, September 16, 2004 11:39 PM
To: Comments
Subject: RIN 3064-AC50, Community Reinvestment
Importance: High

Dear Mr. Feldman:

I am a concerned citizen strongly opposed to your proposal to significantly
weaken the Community Reinvestment Act (CRA). You propose much easier CRA
requirements for banks between $250 million to $1 billion in assets. This
proposal will result in much fewer home and small business loans to low- and
moderate-income borrowers and much fewer community development loans and
investments in low- and moderate-income communities, including branches and
financial education and asset building programs. In addition, you propose
that all FDIC-supervised banks can 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 sum, your proposal to change the CRA
regulation will result in much fewer loans, investments, branches, and
financial education and asset building programs in low- and moderate-income
communities. Please withdraw your harmful proposal.

Sincerely,

Tim Rand
24240 Genesee Village Rd.
Golden, CO