Fed Ready to Unveil Its Own Anti-Redlining Reforms for Banks

 

The Federal Reserve is set to release its own ideas for revamping anti-redlining rules for banks after another banking regulator’s approach came under attack for lacking focus on low-income neighborhood lending.

The Fed on Sept. 21 plans to unveil its rulemaking plans for the Community Reinvestment Act, a 1977 law that requires assessments of bank lending to low-income communities. It comes just five months after the Office of the Comptroller completed new rules that were as panned by community groups for emphasizing a bank’s overall performance over branch lending to specific areas.