WASHINGTON (Reuters) – A trio of U.S. banking regulators unveiled Thursday a renewed attempt to update fair lending rules for banks, with an eye toward modernizing the rules to reflect the rise of online banking while clarifying requirements for the industry.
The proposed update to rules enforcing the 1977 Community Reinvestment Act, which ordered banks to service lower-income communities where they operate, would expand access to credit band banking services for poorer communities and create a consistent metrics-based approach to grading banks, according to agency officials.
(Reporting by Pete Schroeder; Editing by Chizu Nomiyama)
