The Federal Reserve Board released the final statement of federal regulatory agencies on subprime mortgage lending recently. The release was done on behalf of the Federal Reserve’s Board of Governors, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, Office of Thrift Supervision, and the National Credit Union Administration (the Agencies.)
During the public comment phase the five agencies collectively received 137 unique comments from financial institutions, industry groups, consumer and community groups, government officials, and members of the general public.
While the Federal Reserve described the comments as “generally supportive of the Agencies’ efforts to provide guidance”, many financial institutions were concerned that the proposed guidelines were too restrictive while consumer and community groups stated that they did not go far enough in addressing their concerns about subprime products.
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