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Financial regulators announce CRA overhaul
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Banking, Consumer Protection, Financial Stability, Nonbank Financial
Wednesday, May 11, 2022
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Since 1977, the Community Reinvestment Act (CRA) has ensured that banks continue to meet the needs of the communities they are meant to serve by promoting lending in lower-income areas. With only one major update in the mid-1990s, the banking regulators have introduced a proposal to update the CRA to better reflect the changes in the banking and lending industries in the past 30 years.
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