WASHINGTON - Banking trade groups gave mixed reviews Monday to a planned revision of the Community Reinvestment Act, saying that despite improvements, it would impose onerous reporting requirements and give too much discretion to regulators.

The proposal, which won initial approval in separate meetings by the Federal Reserve Board and the Federal Deposit Insurance Corp., is a scaled-back version of a plan put forth last year. The agencies will seek public comment for 45 days.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.