Subprime Lending Defined as ‘Program’ in Latest Guidance The thrift and banking industries now have a clearer understanding of how regulators perceive “subprime lending” in the wake of guidance issued last month. Issued on Jan. 31, the inter-agency guidance contains a new definition of subprime lending for examiners to use in their scrutiny of lenders with significant subprime lending programs. It supplements guidance issued jointly by regulators in March 1999.