OCT-19-2004 TUE 11:05 AM MAYORS POLICY OFFICE
FAX NO. 401 455 8824
October 18, 2004
liohsrt E. Fcldnian, Bx~xudvc Secretary Alt&tion: (?ornments/ 1,egal BSS l;ciler:~l D e p ~ ~ s i l Insurance ('orpora rion 550 1 '/'I' SlrccL, N W Wosllinglo~r,I). C. 20423
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KlC: NIN 3064-ACSU
{)car Mr. Feiihnon:
I nln writing to voicc my opposition to tl~c weakelling of tllc CltA (Corllmuility Rci~iveslrncl~l Act) rcq~tircrncotsor iuid-sir.c.cJhanks. ClW is crilical \o increasing ihc opporLunitics for f ~ O I I I o w~lcrsl~ip ccoriomic d c v e l o l n ~ ~IcI~ i ~ C a~irl I urban and low-incorne communities. ?'he chi\li~cs on nrc pi.oposilig arc dctrirncnlal 10 that et'lbrt and will halt 1bc progress made to y clnlu.
1 1111ilcrs1;urd b n ~ ~ will) niorc than $250 million in assets m s bc tcstcd 011 their number tl1.11 ks ut communities. Your o l ' l i ) ~ 1i~ ,i v ~ ? s t r n and scrviccs to low- and rnod~mto-incomc ~ c~~ls an11 t prol>osalcli~nill:llcsthi: i ~ i v c s ~ n ~ c i ~scrvico rcquirenlenls for all bsnlrs with less tlnn $1 billio~i n ~ s s c ~ s t. is ccrlain 11ut sig~ificanlly i I fewcr l o ~ r i and invcstrncnts in urgently s ~>ci;ilurl i~l'lbrtlshlc rctrlal housir~y, hcalilt clinics, conilnunity ccutcrs and ccollon~ic dcvclolu~~cr~t occur. will
In tile wotorcd-tlown exan), yci~i woultl pcmiit mid-sizcd banks to choosc wliicl~ corn~,lunity will b undci-Lake all thrcc -. devc.lo~~n~cr~t aclivilics tl~cy undertake; rigtll now, ~ h c s e anks r r ~ \ ~ s t o o ~ ~ ~ l n u dcvsloprr~eut t~ity lo;\na, invcslmcnts und sclvices. T i will lend to lcss comn~u~ucy hs clevrlopme~itactivity.
Sour propasi;11 :\lso u~litbl~s community dtvclopmcnt activities in rnr;~la~-cas bcnefil all to I11;111 : ~ allow i ~ i ~ l i v i d ~ T :~~IlI ~ I C low- and nodc crate-inconlc individu:rls. Sucll an action wor~ld ~ s, Innl\s to rocus 011 :~l'iluc-nt rcsidc~lls 1xl11crthan thc lowcr-income rcsidenfs tile CRA is dcsi:vicd to scrvc. I:inally, your pt.oposal tli~ninalcs ~ public disclos~lrc d c of'sn>all busillcss lo111li11g pracliccs, willlout which banlts callno\ bc held accoun\aI>lc fnr t\leir ;~ctions.
OCT-19-2004 TUE 1 1 :05 AM MAYORS POLICY OFFICE
FAX NO. 401 455 8824
I'agc 'l'wo
Ictlnto 1 ' : ~Sccy. Robert E.I'cldrnai~,];PIC: .
October 18, 2004
I wol~ld urgc yo11I r t injnlcdialrly recol~sitler our aclions anti roscind your ~irol~osal, y wl~ich will alncnd nntl 1.~11 courilcr 1.0 the Icrtcl. and spirit of the Commtrnity R c i n v c s t ~ ~Acl.~ ~ t ~e