Fed’s Brainard says rules on low-income lending can be modernized
“Banks have long complained the CRA rules are onerous and have failed to keep up with technological developments that have changed how banks approach local lending. But some community groups are concerned that easing the rules could discourage lending in lower-income communities. Banks have long complained the CRA rules are onerous and have failed to keep up with technological developments that have changed how banks approach local lending. But some community groups are concerned that easing the rules could discourage lending in lower-income communities.”