Regulation changes draw mixed reviews

The Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency have proposed changes to the Community Reinvestment Act that are getting mixed reviews from the organizations governed by the document.

The FDIC and OCC hope that the proposed changes will increase bank activity in low- and moderate-income communities where there is a huge need for lending and banking services. They also clarify what qualifies for credit under the CRA, enabling banks and their partners to better implement reinvestment activities that can benefit communities.