FDIC Federal Register Citations

From: Keith Scholes [mailto:kscholes@ruralinc.org]
Sent: Monday, October 11, 2004 4:38 PM
To: Comments
Subject:

October 11, 2004

Dear Mr. Feldman:

The proposed relaxed CRA requirements for banks with assets between $500 million and $1 billion will not serve the communities in which those banks are located and will turn back the clock on service, lending and investment in communities with damaged and eroding economic foundations. CRA is working and is good business for banks. Without the current CRA requirements, most banks will not seek out the lending opportunities or community level partnerships that lead to investment in housing and small business that will result in economic regeneration. Struggling communities need the financial industry's focus that CRA encourages. As a rural resident in New York State, I can tell you that CRA is an important tool that should not be diluted. Please withdraw your proposal to relax the CRA requirements for banks with assets under $1 billion.

Keith W. Scholes
Middlesex, NY