OCC to propose new rules on Community Reinvestment Act

In mid December, the Office of the Comptroller of the Currency will propose new regulations, substantially revising its rules under the Community Reinvestment Act. The 1977 Act is aimed at combating redlining, or racial bias in lending, requires banks to meet the needs of local communities where their branches are based, including low- and moderate-income borrowers. The proposal is expected to broaden the definition of the communities a bank serves in the digital age and to create new ways to measure lenders' compliance. Some consumer groups worry that the changes will weaken the rules.

Politico has the story, here.

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