WASHINGTON -- Minority-owned financial institutions a being unfairly downgraded in Community Reinvestment A examinations, and legislation may be needed to correct the situation, said Rep. Floyd Flake, D-N.Y.

"I find it very disturbing that banks can get unsatisfactory ratings when they serve only those segments of the community that the Community Reinvestment Act intended to help," said Rep. Flake, a New York Democrat and chairman of the House Banking subcommittee on general oversight.

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.