Reuters: Federal reserve may review rules on lending to the poor
Reuters, March 26, 2018: Federal reserve may review rules on lending to the poor
The Federal Reserve may change decades-old rules that require banks to lend to low-income borrowers as part of a broader effort to revise a range of banking regulations, the U.S. central bank’s head of regulation and supervision said on Monday.
Changes to the Community Reinvestment Act (CRA) may be necessary due to the rise of online lenders, known as “fintech” firms, as well as industry consolidation, that has reshaped the community lending landscape, Randal Quarles, the Fed vice chair for supervision, said in remarks prepared for delivery to a conference in Atlanta.
The Office of the Comptroller of the Currency, the other top U.S. banking regulator, has said it plans to issue a consultation on revising the CRA in coming weeks.