Caught between bankers and activists, can the CRA reform proposal make everyone happy?
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.