FDIC Federal Register Citations

From: LPohlmann@aol.com [mailto:LPohlmann@aol.com]
Sent: Thursday, September 16, 2004 3:25 PM
To: Comments
Cc: rschloemer@housingcluster.org
Subject: RIN 3064-AC50

Dear Mr. Feldman:

I am the Executive Director of Rebuilding Together Quad Cities, a non profit that assists elderly, disabled and low-income homeowners, and I am strongly opposed to your proposal to significantly weaken the Community Reinvestment Act (CRA). You propose much easier CRA requirements for banks between $500 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 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 CRA¹s focus on meeting credit needs of low- and moderate-income communities.

In essence, all of your proposals will result in much fewer loans, investments, and branches in low- and moderate-income communities.

Please withdraw this harmful proposal.

--
Lee Pohlmann
Executive Director
Rebuilding Together Quad Cities
Phone: 563-322-6534
Fax: 563-381-4283
www.rebuildingtogetherquadcities.org