U.S. Federal Reserve may review rules on lending to the poor
By Reuters Staff
The Federal Reserve may change decades-old rules that require banks to lend to low-income borrowers as part of a broader effort to revise a range of banking regulations, the U.S. central bank’s head of regulation and supervision said on Monday.
Changes to the Community Reinvestment Act (CRA) may be necessary due to the rise of online lenders, known as “fintech” firms, as well as industry consolidation, that has reshaped the community lending landscape, Randal Quarles, the Fed vice chair for supervision, said in remarks prepared for delivery to a conference in Atlanta.
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