Kit Seelye has the story on The Caucus:

Geraldine Ferraro has left Senator Hillary Clinton's finance committee, saying that Senator Barack Obama's campaign was twisting her words to make her appear racist and that this was hurting Mrs. Clinton, a campaign official confirmed after CNN reported the development.

If you saw GMA this morning, Ferraro maintained that she wasn't officially part of Clinton's campaign but was a member of the finance committee by virtue of having hosted a fundraiser for her at some point in the past. The comments which caused such a ruckus were in response to a question at an event on the West Coast where Ferraro was featured as a paid speaker. Nevertheless, she's officially severed ties from her post on Clinton's finance committee.

UPDATE: CNN's Suzanne Malveaux has the text of Ferraro's letter to Clinton:

Dear Hillary -

I am stepping down from your finance committee so I can speak for myself and you can continue to speak for yourself about what is at stake in this campaign.

The Obama campaign is attacking me to hurt you.

I won't let that happen.

Thank you for everything you have done and continue to do to make this a better world for my children and grandchildren.

You have my deep admiration and respect.

Gerry