Advocates Criticize Plan To Undo Financing Incentive For Climate Efforts

Progressive groups are criticizing banking regulators’ proposal to rescind a Biden-era rule encouraging banks to provide financing to low- and moderate-income families and communities looking to boost climate resilience, part of long-standing requirements to spur investment in communities to counter the effects of redlining. In comments submitted ahead of an Aug. 18 deadline, left-leaning advocacy groups defended the 2023 update, arguing the July 18 proposal damages low- and moderate- income communities’ access to funds for mitigating against climate change damages...