"US Banks Brace for Stricter Fair Lending Regulations"

US regulators are set to finalize new rules that will grade banks on their fair lending practices, specifically focusing on the communities and geographies they serve through online lending. The changes to the Community Reinvestment Act (CRA) regulations aim to broaden the areas in which lenders must extend loans and services to low-income Americans, making it more challenging for banks to receive top marks for CRA compliance. The updated rules also seek to provide a more consistent process for grading banks' performance. While some industry commenters have called for revisions, banks have expressed concerns about compliance burdens and have urged regulators to extend the implementation time frame.