Bloomberg, Dec 16, 2019: Banks May Get Leeway To Label NFL Stadium Funding As Aid To Poor
For decades, the U.S. has required banks to steer a portion of their money to people in poor neighborhoods. Now, under proposed rule changes, banks may finance upgrades to sports stadiums, call it helping the poor — and potentially even get a generous tax break.
That scenario might seem oddly specific, but it’s what two regulators appointed by President Donald Trump said last week they may allow as they undertake the most significant rewrite of the Community Reinvestment Act in a quarter-century. The agencies drafted a long list of hypothetical ways banks could seek to meet their obligations, including this sentence on page 100 of their proposal:
