FDIC Federal Register Citations

City of Staunton, VA, Department of Economic Development

From: Stephen G. Versen [mailto:versensg@ci.staunton.va.us]
Sent: Wednesday, October 20, 2004 12:01 PM
To: Comments
Subject: Community Reinvestment- 12 CFR Part 345.

On behalf of the City of Staunton, VA - Department of Economic Development, we oppose the proposed rule change to the CRA. We are concerned that such a change would negatively impact our community. Small, rural communities would be the hardest hit by this rule change. The damage done to these communities would far outweigh whatever benefits that would accrue to the banks. Changing market forces, globalization, and technology have banks less tied to their communities than at any other time in our history; making it easier for them to shirk their responsibilities to the community is not our community's, and our country's best interest. We urge you not to adopt this rule change.

Sincerely,

Stephen Versen
Department of Economic Development
P. O. Box 58
Staunton, VA