Another regulator has already gone out on its own with an advance notice of proposed rulemaking. But, Powell said, "It’s a process and we’re very much interested in pushing forward.”
Gov. Jerry Brown’s administration sent letters Wednesday to 20 nonbank lenders that charge triple-digit annual percentage rates to try to determine if their use of online referrals is steering borrowers into larger loans than they want or need.
Some lenders fear a moratorium on new participants, and other restraints, could be the beginning of the end for the agency's Community Advantage program.
The House of Representatives passed two bills that would tie appraisal waivers for Small Business Administration loans to bank rules for commercial real estate loans, despite objections from the Appraisal Institute about its members being cut out of transactions.
