U.S. banking regulators propose update to fair lending rules
2022.05.05 17:27
The One World Trade Center and the Financial District in New York are seen from a local park in Weehawken, New Jersey, as the coronavirus disease (COVID-19) outbreak continues in New York, U.S., March 22, 2020. REUTERS/Eduardo Munoz
WASHINGTON (Reuters) – A trio of U.S. banking regulators unveiled Thursday a renewed attempt to update fair lending rules for banks, with an eye toward modernizing the rules to reflect the rise of online banking while clarifying requirements for the industry.
The proposed update to rules enforcing the 1977 Community Reinvestment Act, which ordered banks to service lower-income communities where they operate, would expand access to credit band banking services for poorer communities and create a consistent metrics-based approach to grading banks, according to agency officials.
