WASHINGTON -- A top Federal Reserve official said Wednesday that the Community Reinvestment Act is improperly being used as a "catalyst for major social reform," threatening its effectiveness as a tool to ensure equal access to credit.

Richard F. Syron, president of the Federal Reserve Bank of Boston, urged lawmakers to either lower expectations about what the law can accomplish or else rewrite it to broaden its scope.

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.