FDIC Federal Register Citations

From: joannpen@comcast.net [mailto:joannpen@comcast.net]
Sent: Monday, October 18, 2004 1:21 AM
To: Comments
Subject: Save the Community Reinvestment Act

Mr. Feldman:

I am an involved citizen who opposes your rule proposal to ease Community Reinvestment Act (CRA) requirements for most of the banks in my area. CRA is needed to increase homeownership, promote minority business ownership, meet the community development needs of struggling communities and support the capital requirements of nonprofits.

I am most concerned that the proposed Federal Deposit Insurance Corporation (FDIC) rule would be harmful to the community I live in and to hundreds of town, cities and rural areas across the United States.

In the new watered-down process for mid-size banks, FDIC would allow these financial institutions to pick and choose which community development activities to undertake. Right now, the banks must make community development loans, investments, and services. Your proposed test allows banks to choose only one of the three activities. The result? To lessen community development activity were I live. That will mean fewer jobs, fewer homes and fewer community services.

As I understand it, the Community Reinvestment Act was made law to require lenders to meet community needs. Your rule proposal flies directly in the face of this requirement. It would harm my community, the quality of my life and tens of thousands of Americans like me. I urge you in the strongest possible terms to drop this hurtful rule proposal.

JoAnn Anglin
2988 - 64th Street
Sacramento, CA 95817