Treasury proposes updates meant to boost lending in poor communities

Source: Sylvan Lane, The Hill

The Treasury Department called on federal regulators to update a 1977 law meant to prevent mortgage discrimination and encourage banks to invest in struggling areas in which they operate.

Treasury released close to a dozen recommendations of ways federal regulators could update the Community Reinvestment Act (CRA) to reflect the fundamental changes in banking seen since its passage more than 40 years ago.

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