Biden’s Bank Regulators Overhaul Low-Income Lending Rules (2)

Top U.S. banking regulators unveiled an update to anti-redlining rules after scrapping Trump-era rules that were criticized for giving priority to large-scale projects over targeted investments to low-income areas.

Community Reinvestment Act rules announced Thursday by the Federal Reserve, the Federal Deposit Insurance Corp., and the Office of the Comptroller of the Currency emphasize smaller-value loans and investments that would have a “high impact” on poor neighborhoods.

The joint proposal also includes standardized metrics for banks and a clear list of lending and investment activities that would get banks credit under the CRA, a change from the existing rules that ...