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FDIC Federal Register Citations

Coachella Valley Housing Coalition

From: Martha Mendez [mailto:martha.mendez@cvhc.org]
Sent: Monday, October 04, 2004 1:20 PM
To: Comments
Subject: RIN 3064-AC50

Robert E. Feldman, Executive Secretary
Attention: Comments/Legal ESS
Federal Deposit Insurance Corporation
550 17th Street, N.W.
Washington, D.C. 20429

Re: The FDIC’s proposed change to the Community Reinvestment Act’s definition of a “small bank.”

Dear Sir:

As a concerned citizen and as an employee of the Coachella Valley Housing Coalition (CVHC), I am writing to express my adamant opposition of any changes to the Community Reinvestment Act.
The Coachella Valley Housing Coalition has committed 22 years to helping low income people improve their living conditions through advocacy, research, and the construction and operation of housing and community development projects. These efforts have meant the construction of more than 2,500 single family homes and apartment units for farmworkers, migrant farmworkers, seniors, and individuals with special needs, HIV/Aids and other chronic illnesses.

Small banks have always been an integral part of the communities they serve—they are more familiar with their surroundings and clientele, and their banking needs—CRA forces all banks to get out and serve the neighborhoods in which they operate. When banks infuse their services into a community that community thrives, businesses thrive, people purchase homes, etc. To reduce CRA’s mandate for “small” banks will cause banks to focus on easy and more profitable avenues of business rather than working towards a broader lending portfolio. Because government subsidies for housing are shrinking, now is not the time to decrease regulations for private capital to leverage scarce subsidy dollars.

CVHC has benefited greatly from CRA’s mandate on both large and small banks, through various loans and grants over the years. Communities will lose with less stringent CRA standards. I urge FDIC not to move forward with the OTS proposed rule.

I appreciate the opportunity to share with you my impressions on any changes proposed for the Community Reinvestment Act as it serves as a great tool for all our housing and community building efforts. Thank you for your consideration of my comments.

Sincerely,

Martha Mendez
Self-Help Program Specialist
Coachella Valley Housing Coalition
__________________________________________________


 

Last Updated 10/12/2004 regs@fdic.gov

Last Updated: August 4, 2024