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On February 28, 2005, the Office of Thrift Supervision (OTS) issued a final rule implementing its latest proposal to weaken the Community Reinvestment Act
(CRA). CRA requires banks and savings & loans (S&L’s) to provide banking services to low and middle-income neighborhoods. The
OTS’ CRA Streamlining Proposal will allow big S&L’s to design their own CRA exams, putting the foxes in charge of the henhouse.
OTS received 4,200 public comments on this issue. 4000, or 95%, were from community groups and citizens opposed to the proposal. Opponents included 28 members of Congress and 45 US Mayors. No elected officials sent comments in support. Three of the four banking regulatory agencies have refused to join OTS on this issue. OTS is out of step with its fellow regulators, and dangerously out of step with the public.
You can take action today against this blind eye to the public interest.
Join the National Community Reinvestment Coalition (NCRC)
in calling for OTS Director James Gilleran's resignation
by sending the OTS a free, get-well-soon e-card. Just follow the below directions. Let the OTS know you hope they get well soon, so the agency can return to serving the public, not the interests of big savings & loans.
1. Below is a form letter to include as text with your
e-card. Copy this text into your clipboard.
2. Click on the following link to access a free, get-well-soon e-card:
http://www.vistaprint.com/vp/egreetings/DesignStudio.aspx?egtid=115&category_id=6
Or choose your own free e-card at sites like bluemountain.com or
e-card.com
3. At the “enter your text” or “enter your message” prompt for the e-card, paste in the form letter text.
4. Type in your name and address at the bottom of the letter.
5.
Include the following subject line - "Attention: No.
2005-09 (Get Well Soon, OTS)".
6. Send the e-card to “regs.comments@ots.treas.gov”. Most e-cards allow multiple recipients, so please cc
CRA-NC at “action@cra-nc.org”. Separate e-mail addresses with commas.
7. It’s also easy to cc your members of Congress. Click here to search for their e-mail addresses:
http://www.webslingerz.com/jhoffman/congress-email.html
FORM LETTER FOR E-CARD:
Regulation Comments
Chief Counsel's Office
Office of Thrift Supervision
1700 G St. NW
Washington DC 20552
Fax: (202) 906-6518
E-mail: regs.comments@ots.treas.gov
Attention: No. 2005-09 (GET WELL SOON, OTS)
To Whom it May Concern:
I am writing to oppose the final rule issued by the OTS on February 28, 2005, approving your latest proposal to weaken the Community Reinvestment Act
(CRA). CRA requires banks and savings & loans (S&L’s) to provide banking services to low and middle-income neighborhoods. The
OTS’ CRA Streamlining Proposal will allow big S&L’s to design their own CRA exams, putting the foxes in charge of the henhouse.
Your agency received 4,200 public comments on this issue. 4000, or 95%, were from community groups and citizens opposed to the proposal. Opponents included 28 members of Congress and 45 US Mayors. Three of the four banking regulatory agencies have refused to join OTS on this issue. You are out of step with your fellow regulators, and dangerously out of step with the public.
You have gone blind to the public interest. I hope the OTS gets well soon, and returns to its mission of serving the public, not the interests of big S&L’s.
For the OTS to get well soon, I am writing to prescribe Director James Gilleran’s resignation from the agency. The OTS must reverse its decision on this issue and halt implementation of its CRA Streamlining Proposal.
Sincerely,
Name:
Address:
City:
State:
Zip:
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