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FDIC Federal Register Citations City of Cleveland
September 23, 2004 Mr. Robert E. Feldman Re: RIN 3064-AC50 Dear Mr. Feldman: I am writing to oppose the proposed rulemaking to change the Community Reinvestment Act (CRA) regulations. Although the FDIC regulates few banks in the City of Cleveland I think it is important to comment because the proposals, if enacted, will have a chilling effect on lending throughout this country. The City of Cleveland has been working with local lenders for over 12 years to ensure credit is available to all credit worthy Cleveland residents and businesses. I am proud of our partnerships and our accomplishments. It was our use of CRA regulations as a tool that catalyzed and continues to play a major role in the incredible increase in residential, small business and community development lending. The partnerships have also fostered an increase in investments and grants that have benefited our citizens and businesses. I submit that Cleveland is an example of the benefits of having strong community reinvestment legislation and enforcement. The proposed FDIC regulations suggest a lack of a need for financing in smaller and rural areas. It is important that the FDIC provide oversight to ensure that it takes place. The proposed regulations would erode protections to ensure loans are available to low income residents, that small businesses have access to financing and that financial institutions strive toward increasing investments, and financial services that benefit low and moderate income markets. It is critical, particularly in these difficult and uncertain times to maintain regulations and other mechanisms that serve to improve the flow of capital and financial resources to all Americans Sincerely, Jane L. Campbell cc Congresswoman Stephanie Tubbs Jones
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| Last Updated 10/25/2004 | regs@fdic.gov | |