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Federal Register Publications

FDIC Federal Register Citations



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FDIC Federal Register Citations

LUMBEE REVITALIZATION & COMMUNITY DEVELOPMENT CORPORATION

September 9, 2004

Mr. Robert E. Feldman, Executive Secretary
Attention: Comments/Legal ESS
Federal Deposit Insurance Corporation
550 17th St. NW
Washington, DC 20429

Dear Mr. Feldman:

The members of the Board of Directors and staff of the Lumbee Revitalization and Community Development Corporation urge you to withdraw your proposed changes to the Community Reinvestment Act (CRA) Regulations that would reduce the requirement of medium sized banks to provide credit to low-income communities and clients. Our organization is in the process of organizing and developing a Community Development Financial Institution (CDFI) and we will be relying on local banks to assist in funding our loan pool under the provisions of CRA. A CDFI or similar organization is needed in our rural southeastern North Carolina county that has a poverty level almost twice that of the nation as whole, and an unemployment rate of 9.7 percent. Access to capital was noted in a recent market study as one of the deterrents to expanding businesses or starting new ones.

During this period of economic distress in many rural areas, we are convinced that if anything, financing tools such as CRA should be strengthened rather than weakened so we can provide the tools to revitalize our economics and provide new jobs. Our area, Robeson County has lost over 8000 manufacturing jobs in the past six years. These are jobs that will never return as they have been outsourced to foreign countries where low wages prevail. This number of jobs is very difficult to replace, even over a long period of time. These moves have not only cost people their income, but also their health insurance, which has become a national issue with an increase of over one million people now without healthcare benefits in the past year.

We would like to see your agency increase the banks obligation to meet the credit needs of low and moderate-income clients. It is through the creation of small community based business enterprises that our local and national job shortage crisis can be alleviated. Therefore, we urge you and other policy makers withdraw these proposed changes and continue the CRA mandate to provide credit and access to capital to low income communities. Your favorable consideration of this request will be appreciated.

Sincerely,

Leroy Freeman, Chairman
LRCDC
Pembroke, NC 28372

Last Updated 10/04/2004 regs@fdic.gov

Last Updated: August 4, 2024