May 20, 2020 / 12:03 PM / 12 days ago

U.S. banking regulator finalizes new community lending rule

WASHINGTON, May 20 (Reuters) - A U.S. banking regulator announced Wednesday it had finalized work on a long-running effort to change community lending standards for banks.

The new rule from the Office of the Comptroller of the Currency (OCC) is an update to requirements stemming from the 1977 Community Reinvestment Act, which requires banks to support lower-income borrowers and regulators to grade them on that effort.

The OCC was the only regulator to adopt the new final rule, even though two other government agencies share responsibility for enforcing the law. (Reporting by Pete Schroeder; Editing by Andrew Heavens)

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