Fed, Biden Administration Float New Lending Rules for Lower-Income Areas

WASHINGTON—Top U.S. regulators proposed overhauling how banks lend hundreds of billions of dollars annually in lower-income communities, after scrapping a Trump-era revamp that had divided regulators and industry officials.

The latest proposal to modernize rules for the 1977 Community Reinvestment Act, announced Thursday, aims to ensure lending to lower-income individuals and small businesses is distributed more evenly where banks do business. Existing rules focus on bank activities around their physical branches. Those rules are outdated in a world in which much financial activity happens online, both bankers and community advocates say.

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