New Regulatory Rule to Support Foreclosure-Ridden Neighborhoods

The federal bank and thrift regulatory agencies on Wednesday announced changes to the Community Reinvestment Act (CRA) parameters in support of stabilizing communities affected by high foreclosure levels.

The final rule was issued by the Federal Reserve, FDIC, Office of the Comptroller of the Currency, and the Office of Thrift Supervision, and it encourages depository institutions to finance development activities in areas that qualify for HUD’s Neighborhood Stabilization Program (NSP).

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