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Federal Reserve starts effort to update bank fair lending rules

FILE PHOTO: Federal Reserve Board building on Constitution Avenue is pictured in Washington
FILE PHOTO: Federal Reserve Board building on Constitution Avenue is pictured in Washington

WASHINGTON (Reuters) - The Federal Reserve Monday kicked off its own effort to update community lending standards for banks.

The move by the central bank to solicit input on potential rule changes for the Community Reinvestment Act comes after other U.S. bank regulators already put forward separate rule updates. The Fed is soliciting feedback on how to update the rules to ensure lower-income communities are still supported by banks while reflecting the ways technology has changed banking in recent years.

(Reporting by Pete Schroeder; Editing by Chizu Nomiyama)