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Fed, Biden Administration Float New Lending Rules for Lower-Income Areas
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WASHINGTON—Top U.S. regulators proposed overhauling how banks lend hundreds of billions of dollars annually in lower-income communities, the first major revamp to the standards in more than two decades as lenders increasingly offer financial services online.
The proposal to modernize rules for the 1977 Community Reinvestment Act was announced Thursday and could be finalized by the end of the year. It aims to ensure lending to lower-income individuals and small businesses is distributed more evenly where banks do business.
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