Marketplace, May 5, 2022, Banking law rooted in civil rights era gets a 21st century update
Online banks can offer mortgages or checking accounts anywhere in the country, but legally they only have to invest in areas where they have a physical presence.
The rules proposed Thursday could change that, according to Jesse Van Tol, president and CEO of the National Community Reinvestment Coalition.
“Going forward, banks, including those without branches, will be assessed not just where they have branches,” Van Tol said. They’ll also be assessed by wherever they do significant business.
