FDIC Federal Register Citations

Lynchburg Community Action Group

From: Lisa Dibble [mailto:ldibble@lyncag.org]
Sent: Tuesday, September 28, 2004 9:18 AM
To: Comments
Subject: Community Reinvestment -- RIN 3064-AC50

I am concerned that this proposed change will result in less involvment in
community development activities by local banks. I am active in asset
building activities among the poor and it has been my experience that banks
are often ignoring this part of the population. This is often because of
fear and a lack of interest in becoming involved in assisting this segment
of the populace. Those banks that DO get involved, help educate the
low-income, develop products to assist them in getting to be financially
literate and responsible, have realized new customers who are good
customers. I have also observed that banks are not setting aside funds to
use in community development, but are making small contributions from their
marketing budgets. They are hesitant to invest marketing funds in this way,
obviously. And they are limited in the amounts they can invest. It appears
to me that there is NO incentive for banks to invest in their low-income
community members. I oppose any legislation that would weaken the current
situation.

Thank you for the opportunity to comment.

Lisa S. Dibble
Planning & Development Manager
Lynchburg Community Action Group, Inc.
926 Commerce Street
Lynchburg, VA