Rep. Blaine Luetkemeyer is calling on bank regulators to draw up a list of guidance going back 20 years to determine whether it should be submitted under the Congressional Review Act.
A GAO determination has effectively nullified a 2013 leveraged lending guidance. But that leaves the future uncertain about what, if anything, regulators will devise to replace it — and how banks should treat such loans in the meantime.
Federal regulators’ 2013 guidance on leveraged lending should have been treated as a rule under the Congressional Review Act – and is now eligible for Congress to repeal, the Government Accountability Office said Thursday.
Democrats in the House and Senate introduced a bill Tuesday that would get rid of an obscure legislative process that has handcuffed rulemakings from the Consumer Financial Protection Bureau and other regulators.
