L to R: Lael Brainard, Jerome Powell and Michelle Bowman
The Federal Reserve has launched a fresh attempt at reforming regulations designed to boost financial inclusion, despite ongoing disagreement among regulators and lawmakers.
The Fed’s “advance notice of proposed rulemaking” seeks to update regulations under the 1977 Community Reinvestment Act – rules that were last reformed 25 years ago. The central bank also hopes to create a framework that will unify its fellow regulators, as signs of a three-way split began to emerge earlier this year.
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