Real Estate

Feds propose first major revamp to fair housing rules since 1995

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Lumber at the site of a house under construction in the Cielo at Sand Creek by Century Communities housing development in Antioch, California, U.S., on Thursday, March 31, 2022.

David Paul Morris | Bloomberg | Getty Images

Bank regulators on Thursday proposed the first sweeping changes in more than 25 years to a controversial law aimed at increasing lending to low- and moderate-income communities.

The changes would tailor the Community Reinvestment Act’s approach to making sure banks are not engaging in “redlining,” or refusing to put money in areas often populated by minorities and lower wage earners.

Passed in 1977, the act has been a sore spot among some banks, particularly larger…



Source cnbc.com

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