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Federal Register Publications

FDIC Federal Register Citations



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FDIC Federal Register Citations

AMERICAN FRIENDS SERVICE COMMITTEE

September 24, 2004

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

RE: RIN 3064-AC50 Dear Mr. Feldman:

The American Friends Service Committee (AFSC) is a Quaker-based organization working for peace and justice in more than forty communities nationwide. Our constituencies include immigrants, youth, low-income families, and members of faith communities across the United States. Our work in community development is rooted in a belief in the dignity and worth of every person.

We are writing to urge you to withdraw your proposed changes to the Community Reinvestment Act (CRA). As you know, the CRA has been instrumental in increasing homeownership and economic development in the nation's minority, immigrant, and low- and moderate-income communities. The proposed rule changes would violate CRA's mandate to require lenders to meet these community needs.

The people and communities AFSC works with would be harmed by these changes. In Logan County, West Virginia, for instance, AFSC's New Empowerment for Women Plus project has helped increase home ownership among rural Appalachian women and minorities. Statewide, our West Virginia Economic Justice Project has increased the number of West Virginians Investing in Individual Development Accounts. In New Hampshire, AFSC has increased access to credit, banking, and affordable housing across the state. Because the CRA is an essential tool in helping low-income families meet their credit and service needs and in community reinvestment, we are deeply concerned that the changes would lead to a greater risk of hunger, homelessness, and economic distress in our cities and rural communities.

Thank you for your careful attention to these concerns.

Sincerely,

Roberta Spivek
National Representative for Economic Justice
American Friends Service Committee
1501 Cherry Street
Philadelphia, PA 19102-1403

Last Updated 10/18/2004 regs@fdic.gov

Last Updated: August 4, 2024