FDIC Federal Register Citations

Stephen Acree [stephen@rhcda.com]

I am writing to request that you to withdraw your proposed changes to the Community Reinvestment Act (CRA) regulations. My organization, the Regional Housing and Community Development Alliance (“RHCDA”), knows firsthand that the CRA has been instrumental in increasing homeownership, boosting economic development, and expanding small businesses in the nation’s low- and moderate-income communities.

The Community Reinvestment Act is critical to the success of our community’s affordable housing and community development efforts. Over the past four years, as a developer, lender and technical assistance provider, RHCDA assisted in the construction of 606 affordable housing units, representing $88 million in affordable housing investment. RHCDA was the developer of 224 of these housing units, a $30 million housing investment that has helped improve the lives of low- and moderate-income families in our community. Without strong support from our financial institution partners, this work would not have been possible.

The proposed FDIC rule would exempt many of our community’s key financial partners from the effective and productive requirements currently in place. We oppose any increase to the threshold of what is considered to be a small bank, and we urge the FDIC to withdraw its proposed rule.

Sincerely,

Stephen Acree
President
RHCDA
601 Olive Street, Suite 1641
St. Louis, Missouri 63101 |
stephen@rhcda.com
314-333-7001
314-231-9186 (fax)