Regulators propose overhaul to law governing how banks lend to low-and-middle income communities

The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) have proposed amendments to Community Reinvestment Act (CRA) regulations. The proposal aims to refocus on the law's objective of meeting community credit needs, particularly by narrowing the list of qualifying activities for CRA credit to emphasize lending activities over deposit services and certain grants. This move has drawn criticism from consumer and housing advocates. The proposed rules, which did not include the Federal Reserve, will undergo a 60-day comment period before finalization.