The Federal Reserve Board's proposed changes to Regulation Y will eradicate any recent gains in minority homeownership, says a housing advocacy group.

"At the very point that we're starting to see success (from Community Reinvestment Act requirements), they're pulling the rug," said Mike Shea, executive director of Acorn Housing Corp., a national nonprofit group based in Washington.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.