Acceding to a critical General Accounting Office report, the Federal Reserve Board said on Monday that it will write guidelines detailing how protests under the Community Reinvestment Act are factored into decisions on large-bank mergers.

The GAO report, issued Friday, said such guidelines were necessary and that they should explain how the Fed weighs CRA concerns raised in public comments, as well as the types of analyses it relies on and when Home Mortgage Disclosure Act data are used.

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