Federal bank regulators moved forward on their major rewrite of the Community Reinvestment Act to wide applause from unusual bedfellows: banking trade organizations and community groups.
The nearly 700-page overhaul of the anti-redlining law is decades in the making, especially after the Trump-era failed bid to rewrite it. The CRA hasn’t been updated since 1995, and new technologies have substantially changed how banks do business since then.