Delay on Nontraditional Loan Guidance Appears Likely – But Business Impact Remains to Be Seen
Industry trade groups are still trying to get their arms around proposed guidance on nontraditional loan products – and many have told regulators that they need more time to comment on the complex guideline that could have a profound impact on their business. The proposed nontraditional loan guidance, issued for public comment by the Federal Financial Institutions Examination Council in December, would set new standards for the underwriting, marketing, and sale of products such…