Act By May 10 - Stop Bush's Plan to De-Regulate Banks!

[Guest guest]

ACTION ALERT - STOP BUSH'S PLAN TO DE-REGULATE BANKS!

 

 

The Community Reinvestment Act (CRA) requires financial institutions to provide

banking services to low income neighborhoods. From 1992 to 2000, over $1

trillion was reinvested in communities through CRA. The Federal Deposit

Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC),

and Federal Reserve Board (FRB) are accepting public comments on their joint CRA

exam proposal through Tuesday, May 10, 2005. This joint proposal is an

improvement over a Fall 2004 proposal from the FDIC to allow banks under their

jurisdiction to design their own CRA exams, but serious issues remain.

 

 

 

You can take action today to protect CRA by urging regulators to strengthen this

joint proposal and prevent the law from being watered down. Click here to send

a comment letter via e-mail:

 

http://www.cra-nc.org/fdic_occ_frb_cra_proposal.htm

 

It's urgent to act now, because in the past few days, banks were discovered to

be flooding the agencies with hundreds of e-mailed form letters of their own,

calling for the radical dismantling of CRA regulations. Help stop the Bush

Administration from being able to claim public support for destroying a law that

has worked well for nearly three decades. Let all three agencies know they must

keep CRA strong and a force for positive reinvestment in our communities.

 

P.S. - Our work is made possible by the contributions of CRA-NC's supporters.

If you'd like to support our continued economic justice organizing, you can give

easily and quickly online at:

 

http://www.cra-nc.org/supportourwork.htm

 

The Community Reinvestment Association of North Carolina's mission is to promote

and protect community wealth. Committed to creative advocacy, CRA-NC uses

research, education, mobilization, media, litigation, regulatory challenges,

legislative advocacy and stockholder actions to initiate change.

 

 

 

CRA-NC www.cra-nc.org (919) 667-1557 114 W. Parrish Street, Durham NC

27702

 

 

 

 

http://www.blueaction.org

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