US banks face more fair lending scrutiny under new regulations

New, more stringent regulations aimed at modernizing fair lending standards will soon come into effect.

U.S. regulators will commence evaluating banks based on the communities and geographic regions they serve through online lending.

These changes, set to be officially approved on Tuesday, mark the conclusion of a contentious multi-year endeavor.

The process had been delayed due to strong lobbying efforts by community groups and lenders, compounded by a change in presidential administrations, Reuters reported.

READ MORE: https://www.reuters.com/business/finance/us-regulators-unveil-updated-fair-lending-rules-banks-2023-10-24/

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