FDIC Federal Register Citations

From: Rich Gorringe [mailto:richgorr@msn.com]
Sent: Wednesday, September 08, 2004 11:35 PM
To: Comments
Subject: Community Reinvestment -- RIN 3064-AC50

The Bush administration is quietly considering weakening the Community Reinvestment Act by relieving some 2,000 banks of their obligation to provide investments and services in low-income areas. Today, banks with $250 million or more in assets must demonstrate the distribution of their loans by geography and income and show that they provide both services and investments that benefit low- and moderate-income households and neighborhoods in their communities. But under the Bush administration rollback, banks with assets of $1 billion or less would be exempted from these rules. According to FDIC data, the states with no institutions with more than $1 billion in assets are: District of Columbia, Hawaii, Idaho and Wyoming. States with four or fewer such institutions are: Alaska, Arkansas, Iowa, Louisiana, Maine, Minnesota, Montana, North Dakota, New Hampshire, Oregon, South Dakota, Vermont and West Virginia.

I am registering my vehement objection to these rules which roll back these vital community services.