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Banking groups file suit over CRA changes, urge court to vacate final rule
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Banking, Consumer Protection, Government Oversight
Friday, February 9, 2024
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Federal regulators are facing a lawsuit threatening to vacate the final rule modernizing Community Reinvestment Act (CRA) regulations, which is set to take effect on April 1. The seven plaintiff organizations argue the wide-sweeping changes to CRA assessment standards stray from the statutory intention of the act and will have unintended consequences for banks and communities.
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