Rules mark first major update of the 1977 Community Redevelopment Act in nearly 30 years in an effort to ensure fair lending in lower-income areas
Federal banking regulators on Tuesday released a nearly 1,500-page update to the 1997 Community Reinvestment Act to promote bank lending and other services to lower-income areas.
Seen as a victory for Federal Reserve Bank Vice Chair for Supervision Michael Barr, the rules were released in their final form on Tuesday for publication in the federal register after a draft was made available for comment in May 2022. Banks will have to start complying with the new rules in January 2026. Agency officials said they provided an additional 12 months for a transition period.
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