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Federal Register Publications

FDIC Federal Register Citations



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FDIC Federal Register Citations

WEST VIRGINIA A VISION SHARED

September 27, 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:

Re: RIN 3064-AC50, FDIC proposed rule to increase the small institution threshold by changing the definition of "Small Bank" for Community Reinvestment Act (CRA) purposes

We write on behalf of the West Virginia Vision Shared Implementation Leadership Team to express our concerns over the proposed increase to the asset threshold for determining what is considered to be a "small bank" under the Community Reinvestment Act ("CRA").

West Virginia: A Vision Shared! is a volunteer initiative involving hundreds of leaders, elected officials, business people, labor, citizens, and organizations from across West Virginia who are working on a non-partisan, cooperative basis to execute a comprehensive economic development strategy for West Virginia.

The CRA is a critical component of every state's affordable housing and other community development solutions. As a rural state with relatively scarce resources, West Virginia must look to many types of financial and other institutions to help assure that its communities can establish and maintain the infrastructure necessary to achieve economic and social success. The CRA has historically helped assure that resources are in place in West Virginia for such success.

While we are cognizant of the administrative burdens that small banks face with regard to the CRA, we believe that the FDIC should carefully consider the very important purposes and policies served by the CRA in rural states like West Virginia. Banks play a critical role in establishing and maintaining community infrastructure, both business and non-profit, and the CRA is therefore critical to assuring that basic community infrastructure is in place. We are concerned that changes such as those proposed might weaken the impetus for banks to invest in affordable housing and other community infrastructure across West Virginia in the years ahead.

CRA has been instrumental in increasing home ownership, boosting economic development, and expanding small businesses in the nation's minority, immigrant, and low- and moderate- income communities. We are delighted with the positive results that have been achieved to date as a result of the implementation of the CRA, and believe that the important public policy goals and objectives of the CRA are as vital and important today as when the CRA was first enacted.

For these reasons, we express our concern over the proposed changes, and urge the FDIC to carefully consider the proposed revisions and their likely effects on investment in community infrastructure in West Virginia and across the nation.

Sincerely,

Michael J. Basile
Spilman Thomas & Battle, PLLC

Kenneth M. Perdue
WV AFL-CIO

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

Last Updated: August 4, 2024