US Regulators Plan to Withdraw Overhauls to Anti-Redlining Rules
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Top US banking regulators plan to withdraw an overhauled rule meant to tackle redlining and boost lending to lower-income areas after industry groups sued to block the updated legislation last year.
The Federal Reserve, Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency said they plan to rescind the Community Reinvestment Act final rule, which was issued in 2023 as an update to the decades-old legislation. The regulators intend to reinstate the prior CRA framework, they said in a statement Friday.