Regulators Unveil Overhaul Of Community Lending Rules
By Jon Hill (December 12, 2019, 2:44 PM EST) -- Federal banking regulators on Thursday released their highly anticipated proposed revamp of regulations requiring banks to lend in underserved communities, marking the next phase in the banking agencies' effort to give the rules their first major update in more than two decades.
A nearly 250-page proposal issued jointly by the Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency calls for changes to Community Reinvestment Act regulations that include widening the range of banking activities qualifying for credit with regulators, introducing additional "deposit-based" assessment areas and revising the way banks' compliance is measured.
In a draft approved for...
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