"The industry lawsuit will block what regulators call a necessary update to the rules governing the 1977 law, Sen. Elizabeth Warren (D-Mass.) and Rep. Maxine Waters (D-Calif.), ranking member of the House Financial Services Committee, said in a Sunday letter to the Chamber and the ABA. The law measures banks' lending and investments into low- to moderate-income communities based on branch locations.

The shift to online banking has made a reliance on branch networks for CRA evaluations outdated, Warren and Waters said.

'These rules must be updated, and your efforts to stop regulators from doing so is unjustified and harmful,' the two lawmakers said in their letter, obtained by Bloomberg Law."