Biden reverses Trump changes to bank antidiscrimination law

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NEW YORK (AP) — The Biden administration is repealing changes made by the Trump administration to an important law aimed at stopping banks from discriminating against racial minorities and the poor. The Office of the Comptroller of the Currency says it plans to start from scratch on its regulations involving the Community Reinvestment Act. The agency told banks to effectively ignore the 2020 changes. Activists argued that Trump administration’s changes to the law would have made it easier for many large banks to pass exams required under the law. The other two bank regulators, the Federal Reserve and the Federal Deposit Insurance Corporation, had refused to sign off on the Trump administration’s changes.

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