FDIC Federal Register Citations

JEFFERSON EAST BUSINESS ASSOCIATION

From: Corey Leon [mailto:cleon@jeffersoneast.org]
Sent: Thursday, September 16, 2004 3:39 PM
To: Comments
Subject: Community Reinvestment -- RIN 3064-AC50

It is vitally important to make mid-sized banks and financial institutions to vigorously make loans, investments and services in low-income communities. I am absolutely opposed to the FDIC's proposal to allow banks with assets above $250 million to be examined as small banks under the Community Reinvestment Act. Here in Detroit we can barely keep the big banks invested in all deposit taking areas and many mid-size banks have no presence in distressed areas. If it were not for the Community Reinvestment requirements, poor areas like ours along Jefferson Ave in Detroit would be stuck with high-fee check cashing outlets only. It is very important to strengthen, not weaken, the Community Reinvestment Act.

Corey Leon
Jefferson East Business Association
14628 East Jefferson
Detroit, MI 48215