WASHINGTON — The drive to revamp the regulatory system could breathe new life into a long-simmering effort to modernize the Community Reinvestment Act.

Advocates who have long sought to expand and deepen the 32-year-old law that requires banks to serve low- and moderate-income borrowers in the markets where they take deposits argue that the time has come to broaden its application to nonbank lenders and credit unions and to add disclosure requirements.

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