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Fed's Brainard says new rules needed to help lending in poor areas


Fed's Brainard says new rules needed to help lending in poor areasFederal Reserve Governor Lael Brainard on Tuesday said she supports updating banking regulations to help credit flow to low-income areas. The comments by Brainard - the only members of the Fed's Board of Governors nominated by former U.S. President Barack Obama - come after the Trump administration proposed on April 3 that regulators relax penalties for banks that fail to meet their obligation to lend to low-income communities. The administration's proposal would change how regulators - including the Federal Reserve - would implement the decades-old Community Reinvestment Act (CRA), which requires banks extend mortgages and other types of credit to low-income communities where they take deposits.





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