FDIC Federal Register Citations

Bridgeport Child Advocacy Coalition

From: Marilyn Ondrasik [mailto:marilyn@bcacct.org]
Sent: Wednesday, October 20, 2004 3:08 PM
To: Comments
Subject: Community Reinvestment -- RIN 3064-AC50

On behalf of the Bridgeport Child Advocacy Coalition and its 81 member organizations, we are writing to oppose changes to the Community Reinvestment Act that would limit the number of banks subject to CRA.

All banks, no matter their size, collect deposits and often other investments from their local communities. Because they take in community money, they also have a responsibility to support the growth of these same communities. No bank should be exempt from CRA because it provides such a strong encouragement to invest in local communities. Without the protection of CRA for ALL banks, local consumer and business deposits will be outsourced.

We strongly oppose the new rules that will reduce lending, investments and services in local communities. This rule will have a disproportionate impact in African-American, Latino and low-income communities.

Marilyn Ondrasik
Executive Director
Bridgeport Child Advocacy Coalition