Skip to main content
U.S. flag
An official website of the United States government
Dot gov
The .gov means it’s official. 
Federal government websites often end in .gov or .mil. Before sharing sensitive information, make sure you’re on a federal government site.
Https
The site is secure. 
The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.
Federal Register Publications

FDIC Federal Register Citations



Home > Regulation & Examinations > Laws & Regulations > FDIC Federal Register Citations




FDIC Federal Register Citations

CHICAGO COMMUNITY VENTURES  

From: Dominic Melone [mailto:dmelone@CHIVENTURES.org]
Sent: Thursday, September 16, 2004 2:29 PM
To: Comments
Subject: Community Reinvestment -- RIN 3064-AC50

I oppose the FDIC's proposal to allow banks with assets above $250 million to be examined as small banks under the Community Reinvestment Act. Very few banks are reinvesting in low and moderate income neighborhoods. This proposal would only serve to decrease these activities. In fact, I believe that they should be forced to make more of an effort at investing in businesses located in Low to Moderate income neighborhoods. In my review of banks in the Chicago region many are passing there exams by only making mortgages in qualifying neighborhoods. While this is important this doesn’t qualify as reinvestment in my mind. Banks are happy to do these deals as they are full collateralized and would be doing these deals none the less. I don’t see any banks in our region making mortgages to people or business loans to candidates with a low credit score or less than 100 percent collateral. That’s where the rub lies, because I thought that CRA was supposed to address these systemic problems in our financial system. Don’t lower the standard now, raise it!

Thank you,
Dominic Melone
Director of Economic Development Initiatives
Chicago Community Ventures
700 N. Sacramento Ave.
Chicago, Illinois 60612
773-822-0319
773-822-0310 fax

Last Updated 09/27/2004 regs@fdic.gov

Last Updated: August 4, 2024