FDIC Federal Register Citations

From: scott sachnoff [mailto:ssachnoff@sbcglobal.net]
Sent: Thursday, September 16, 2004 10:56 PM
To: Comments
Subject: RIN 3064-AC50, Community Reinvestment

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. But that's what you really want, isn't it?

Please withdraw your harmful proposal.

Sincerely,
Scott Sachnoff
5329 S. Greenwood
Chicago, IL