The Trump Administration has announced an overhaul to the rules governing a critical piece of Civil Rights-era legislation, most notably a reduction in the number of banks that will need to fully comply with the law.
The Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation on Friday jointly announced the proposed changes to the Community Reinvestment Act, a law that requires regulators to document how well banks do in lending to low-to-middle income neighborhoods. It would be the first major revision of the law’s rules and regulations in nearly three decades.
