Anti-discriminatory bank law getting update for modern era

By KEN SWEET
AP Business Writer

NEW YORK (AP) — The three major U.S. banking regulators say they plan to rewrite many of the outdated regulations tied to a decades-old banking law. The law was designed decades ago to encourage lending to the poor and racial minorities in the areas where banks have branches. The stated aim of the overhaul of the Community Reinvestment Act by the Federal Reserve, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. is to “strengthen and modernize” the law and end years of uncertainty about its regulations for both the banking industry as well as the traditionally underserved communities.