FDIC Federal Register Citations

REACH Community Development

From: Dee Walsh
Sent: Friday, September 10, 2004 11:50 AM
To: Comments
Subject: Community Reinvestment -- RIN 3064-AC50

September 10, 2004

Mr. Robert E. Feldman
Executive Secretary
Attention: Comments/Legal ESS
Federal Deposit Insurance Corporation
550 17th St. NW
Washington, DC 20429
RE: RIN 3064-AC50

Dear Mr. Feldman:
I am writing to request that you to withdraw your proposed changes to the Community Reinvestment Act (CRA) regulations. My organization, REACH Community Development, Inc., 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.

Most importantly for my organization, CRA has meant that there has been a flow of financing for affordable multi-family housing projects in low-income communities in our city. Over the last 20 years, we have built 1000 units of affordable housing for low-income families. Without financial 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,
Dee Walsh

Executive Director