AP News, May 5, 2022, Anti-discriminatory bank law getting update for modern era
The three major U.S. banking regulators said Thursday they a plan to rewrite much of the outdated regulations tied to a decades-old banking law designed to encourage lending to the poor and racial minorities in the areas where banks have branches.
“It has been 27 years since the government made a meaningful effort to keep Community Reinvestment Act rules up to date with the convulsions of technology, financial industry consolidation and other key changes to how Americans work and live,” said Jesse Van Tol, president of the National Community Reinvestment Coalition, an umbrella group for local groups who use CRA to push banks to do more types of low-income lending.
“We’ve seen how much harm such lags can do as economic chasms of race and class have persisted and even expanded,” he said in a statement.
