US banks would have to expand low-income communities' access to credit, investment under regulators' proposal

Summary

MLex Summary: US banking regulators proposed strengthening the 1977 Community Reinvestment Act to expand access to credit, investment and other banking services in low- and moderate-income communities. Bank performance would be evaluated using a metrics-based approach for greater clarity and consistency. Assessment areas would be updated to include activities with online and mobile banking, branchless banking and hybrid models, said the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Federal Reserve.