FDIC Federal Register Citations

Ellie Sigrist
818 Grand Ave.
Missoula, MT 59802

September 16, 2004

Federal Deposit Insurance Commission
,

Dear Federal Deposit Insurance Commission:

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 Bush's 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.

I work closely with first-time homebuyers and the CRA requirements are significant in getting support from banks in western Montana. Without this support, low and moderate income households will be very limited in their opportunities to purchase their first home. Additionally, predatory lending practices continue to rise in Montana and keeping CRA requirements intact can help provide avenues for these banks to offer alternatives to pad day lending loans.

Please rescind your proposal.

Sincerely,

Ellie Sigrist