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FDIC Federal Register Citations



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FDIC Federal Register Citations

From: Janet Thompson [mailto:janet_thompson@thomcon.com]
Sent: Thursday, September 16, 2004 10:12 AM
To: Comments
Subject: Oppose Efforts to Weaken CRA RIN number 3064-AC50

Janet Thompson
33 West 93rd Street
New York, NY 10025

September 16, 2004

Federal Deposit Insurance Commission

Dear Federal Deposit Insurance Commission:

I served as the CRA Director for almost a decade with the largest bank holding company in the United States. I witnessed first hand the positive impact of the CRA legislation in both urban and rural areas of our country. It is appalling to me that the FDIC would recommend weakening these laws for small banks (who are expected to do relatively small amounts of reinvestment) and that further the FDIC would ignore a connection to a holding company for determining size and responsibility.

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 Bushes comments 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. It takes away yet another support system for lower income communities striving for self-sufficiency. How blind can the FDIC be?

I would be pleased to know which NY Congressional members are supporting the FDIC in this matter so that I will have this information for the upcoming November and future elections.

Sincerely,

Janet W. Thompson

Last Updated 09/20/2004 regs@fdic.gov

Last Updated: August 4, 2024