Federal banking regulators released a Community Reinvestment Act (CRA) proposal Friday that narrows how banks earn credit for community development while raising asset thresholds for small and midsized institutions. The plan drew immediate criticism from consumer and housing advocates.

The Federal Deposit Insurance Corp. (FDIC) and the Office of the Comptroller of the Currency (OCC) issued a notice of proposed rulemaking (NPR) that they say is designed to refocus on the statutory objectives, ensure grants reach communities, cut compliance burdens and provide greater clarity around CRA evaluations. Comments are due 60 days after publication in the Federal Register.

Under the proposal, details ⇒

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