WASHINGTON — Federal Reserve Board Chair Janet Yellen said Wednesday that the agency is examining ways to improve its implementation of the Community Reinvestment Act amid concerns that regulators are letting too many poor communities go unserved by banks.

Speaking at a press conference following the Federal Open Market Committee's two-day meeting, Yellen said that the central bank takes CRA compliance "very seriously" and added that regulators frequently meet with community organizers to seek out ways to meet their financial needs. But she added that the Fed is examining whether the rules implementing the law need to be improved.

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.