FDIC Federal Register Citations

From: Kathryn Kurtz [mailto:kkurtz@afsc.org]
Sent: Thursday, September 16, 2004 3:47 PM
To: Comments
Subject: Oppose Efforts to Weaken CRA RIN number 3064-AC50

Kathryn Kurtz
3613 Hamilton Street
Philadelphia, PA 19104

September 16, 2004

Federal Deposit Insurance Commission

Dear Federal Deposit Insurance Commission:

I am a strongly opposed to your proposal to significantly weaken the Community Reinvestment Act (CRA). It 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, your proposal will let banks 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, all of your proposals will result in much fewer loans, investments, and branches in low- and moderate-income communities. Please withdraw your harmful proposal. Please rescind your proposal.

Sincerely,

Kathryn Kurtz