FDIC Federal Register Citations

From: Benjamin Martinez [mailto:BMartinez@ci.national-city.ca.us]
Sent: Thursday, September 16, 2004 6:42 PM
To: 'comments@fdic.gov.'
Subject: RIN 3064-AC50
Importance: High

Mr. Robert Feldman
Executive Secretary
Attention: Comment/Legal ESS
Federal Deposit Insurance Corporation

Subject: RIN 3064-AC50

Dear Mr. Feldman:

I am a concerned citizen (or representative of a community group) 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. 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, and branches in low- and moderate-income communities. Please withdraw your harmful proposal.

Sincerely,

Benjamin Martinez
Executive Director
CDC of National City
140 E. 12th Street, Suite B
National City, CA 91950
(619) 336-4250