WASHINGTON—The Federal Reserve, following an earlier split between banking regulators, took an initial step to rewrite rules for hundreds of billions of dollars in lending and investment in lower-income neighborhoods. Fed governors voted 5-0 to seek public comment on a broad overhaul to its rules for the Community Reinvestment Act, a 1977 law aimed at ending “redlining”—banks’ practice of avoiding lending in certain areas, often minority neighborhoods.

Source: Wall Street Journal September 21, 2020 13:42 UTC