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Banks face upheaval in low-income lending rules

Banks face upheaval in low-income lending rules

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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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Eleon

With a penchant for words, Eleon Smith began writing at an early age. As editor-in-chief of his high school newspaper, he honed his skills telling impactful stories. Smith went on to study journalism at Columbia University, where he graduated top of his class. After interning at the New York Times, Smith landed a role as a news writer. Over the past decade, he has covered major events like presidential elections and natural disasters. His ability to craft compelling narratives that capture the human experience has earned him acclaim. Though writing is his passion, Eleon also enjoys hiking, cooking and reading historical fiction in his free time. With an eye for detail and knack for storytelling, he continues making his mark at the forefront of journalism.
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