Fed wants banks to step up lending in low-income areas

The Federal Reserve has proposed modernizing and strengthening a 43-year-old law aimed at encouraging banks to provide loans in low- and moderate-income communities, where homeowners had been subject to the practice of redlining. Part of the Fed’s proposal to overhaul the Community Reinvestment Act includes creating a four-part test for analyzing bank loans made to those neighborhoods. The plan calls on banks to provide more loans to individuals in low- and moderate-income communities, rather than

source https://therealdeal.com/2020/09/21/fed-wants-banks-to-step-up-lending-in-low-income-areas/