FDIC Federal Register Citations

ADRIAN DOMINICAN SISTERS


September 20, 2004

Mr. Robert E. Feldman, Executive Secretary
Attention: Comments/Legal ESS
Federal Deposit Insurance Corporation
550 17 St. NW
Washington, DC 20429

RE: RIN 3064-AC50

Dear Mr. Feldman:

We are writing to you because we are very concerned about your proposals to water down the Community Reinvestment Act (CRA). CRA is vital for assisting people in low-income communities. Your proposed changes will halt progress that has been made in promoting development.

Your proposal would eliminate the investment and service requirements for banks with under $1 billion in assets. This would result in fewer loans and investments in affordable housing, health clinics, community centers, and economic development projects.

We believe that community development activities in both rural and urban areas should give primary emphasis to low and moderate income individuals. Your proposals would allow banks to focus on affluent residents rather than lower income persons.

Finally, you would eliminate publicly available data on the small business lending of mid-size banks. Without data, citizens cannot hold banks accountable.

We encourage you to continue CRA's mandate to meet community needs.