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Community Lending Update Will Help Root Out Redlining, OCC Says

June 3, 2022, 5:51 PM

A proposal to update a federal anti-redlining law will pump more investment into underserved communities by placing a greater emphasis on online lending, banking regulators said.

Proposed rules to modernize and expand the Community Reinvestment Act has the chance put an end to redlining and discriminatory lending practices, acting Comptroller of the Currency Michael Hsu said Friday.

“If it works, all the needs will be met,” Hsu said at an event hosted by the Urban Institute in Washington.

The Federal Reserve, the Federal Deposit Insurance Corp., and the Office of the Comptroller of the Currency released a proposal to update ...