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Federal Register Publications

FDIC Federal Register Citations



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FDIC Federal Register Citations

Mountainlands Community Housing Trust

Mr. Robert E. Feldman
Executive Secretary
Attention: Comments/ Legal ESS
Federal Deposit Insurance Corporation
550 17th St. N.W. 20429
Washington D.C.

RE: Changes to Community Reinvestment Act
RIN AC50

Dear Mr. Feldman,

Mountainlands Community Housing Trust is a 501 (c) (3) non-profit corporation doing business in Summit County, Utah. Our mission is to promote, preserve and develop affordable housing and to provide services to low income residents of our community. It has come to my attention that the FDIC is considering changes to the National Community Reinvestment Act (“CRA”) to limit the requirements for banks with assets between $250 million and $1 billion dollars.

CRA has been critical in our rural area in, not only supporting our organization, but providing loans and assistance to low and moderate income residents. We have found that the mid-size banks not only take the obligations of CRA seriously, but they are the ones assisting their local communities by providing the time of employees and other resources to make their communities better for those in need. The larger banks have national policies that have proven to be inflexible in many situations. The mid-sized banks provide flexibility in meeting the needs for development, preservation and financing for affordable housing and other community needs. Although, never specifically mentioned, it is clear that CRA requirements are the motivating factor in implementing this flexibility and support.

I urge you to re-consider this limitation and to maintain status quo for the present CRA requirements affecting mid-size banks. Thank you for your consideration of this matter.

Sincerely,

Scott Loomis
Executive Director
Mountainlands Community Housing Trust
1960 Sidewinder Drive Suite 107
Park City, Utah 84060
(435) 647-9719
 

Last Updated 09/08/2004 regs@fdic.gov

Last Updated: August 4, 2024