Regulators propose overhaul of Community Reinvestment Act, say rule aided activists
Trump-appointed bank regulators proposed major changes to the Community Reinvestment Act, arguing the current rule has been “weaponized” to funnel funding to activist groups rather than help low-income communities. The overhaul would revise how banks are evaluated for serving underserved areas. The proposal could shift billions in community lending and face strong opposition from Democrats and advocacy groups.