US Federal Reserve to meet Oct. 24 to discuss final fair lending rule

(Reuters) – The Federal Reserve will meet Oct. 24 to discuss final rules updating requirements for fair lending by banks under a long-standing law, the central bank announced Tuesday.

The pending update to rules enforcing the 1977 Community Reinvestment Act, which ordered banks to service lower-income communities where they operate, is aimed at reflecting the rise of online banking services and other changes.

(Reporting by Pete Schroeder in Washington)