Banks face upheaval in low-income lending rules
Banks face upheaval in low-income lending rules
Updated October 24, 2023 at 10:59 a.m. ET
WASHINGTON — Top U.S. banking regulators have struggled for more than five years to update anti-redlining rules aimed at incentivizing banks to lend more to low-income communities. On Tuesday, they complete their redesign for the online banking era.
The Community Reinvestment Act of 1977 sought to end banks’ historic practice of denying or limiting financial services in minority neighborhoods. Current rules, which are nearly 30 years old, generally require banks to serve everyone in the communities surrounding their branches, including low-income people.
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