WASHINGTON - Legislation that would essentially pare the Community Reinvestment Act to a simple disclosure form has been introduced by a key House Banking Committee Republican.

The measure, sponsored by Rep. Bill McCollum of Florida, would reduce the 1977 reinvestment law to a requirement that banks disclose in their lobbies how they are complying with the reinvestment law. However, to encourage banks to lend in low-income neighborhoods, it would also add redlining to the list of impermissible activities under the Equal Credit Opportunity Act and the Fair Housing Act.

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