WASHINGTON (Reuters) – U.S. banking regulators are set to adopt new rules to modernize fair lending standards for banks, requiring them to take into account more than their physical presence to ensure they are adequately servicing communities.
The Federal Reserve unveiled the final rules, which update rules enforcing the 1977 Community Reinvestment Act. Under the new standard, banks will be graded on how well they service areas with significant lending, and also provide greater clarity on the grading process.
(Reporting by Pete Schroeder)
