Loan Officer | NMLS #1101811
Branch NMLS #1655086
Posted On September 04, 2018
A federal banking regulator said on Tuesday it will begin soliciting input on decades-old rules on bank lending in low-income communities, kicking off a long awaited and potentially contentious rulewriting process.
The move by the Office of the Comptroller of the Currency (OCC) to seek public comment is an initial step by regulators to rewrite the 1977 Community Reinvestment Act (CRA) rules, which banks say have become outdated since they were last updated in the 1990s.
The CRA was introduced to address unfair lending and racial discrimination, particularly so-called redlining whereby banks declined to lend in some poor neighborhoods.