A plan by New York banking regulators to amend the state's Community Reinvestment Act rules would hurt low-income neighborhoods, a group of 80 organizations and state officials charged this week.

The proposal would allow banks to fulfill their CRA obligations by making mortgage loans to middle-income individuals in mid- to high-income areas. This would depart significantly from federal CRA rules, according to an Oct. 14 letter to state regulators from the New York City Community Reinvestment Task Force.

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