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US banking regulators’ plan to strengthen CRA would improve data collection, documentation, analyst says

( July 13, 2022, 21:02 GMT | Official Statement) -- MLex Summary: US banking regulators’ proposal to strengthen the 1977 Community Reinvestment Act by expanding access to banking services in low- and moderate-income neighborhoods would likely improve banks’ data-collection and documentation of their activities, a Congressional Research Service analyst told lawmakers. Darryl Getter, an analyst with the nonpartisan organization, said data-collection requirements in the pending May 2022 proposal would require banks with more than $10 billion in assets to collect data on depositor location and auto loans, among other things.See document below. ...

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