Trump may weaken ‘outdated’ rules that force banks to lend to the poor

 

Source: Matt Egan, CNNMoney

Redlining, the refusal by banks to lend to poor and minority communities, was so common decades ago that Congress passed the Community Reinvestment Act in 1977 to prevent it.  For years, banks have been fighting these requirements to lend to underprivileged people -- and President Trump is listening as he continues his war on regulation.

Advocacy groups fear the Trump administration will weaken the lending requirements and make it harder for low-income Americans to get mortgages, small business loans or other forms of credit that help people work their way out of poverty.

Read Full Article: Trump may weaken ‘outdated’ rules that force banks to lend to the poor

 

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