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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: patron_anejo_por_favor who wrote (213066)	1/8/2003 12:20:15 PM
From: Roads End	Respond to of 436258

Just trust em... 01/07 17:30 Regulators Drop Proposal Requiring Quarterly Subprime Loan Data By Helen Stock Washington, Jan. 7 (Bloomberg) -- Federal regulators dropped a proposal to require additional quarterly data from lenders that target people with histories of unpaid bills after agreeing with banks that there's no standard definition for such lenders. The Federal Reserve, Office of the Comptroller of the Currency, Federal Deposit Insurance Corp. and the Office of Thrift Supervision said current bank examinations are adequate to monitor the risks taken by so-called subprime lenders. ``The agencies' ongoing oversight and monitoring of these activities are tailored to the specific scope and nature of, and any risk management concerns about, individual institutions' subprime consumer lending programs,'' regulators said in a statement. The government is scrutinizing lending practices after uncollectible debts surged at issuers including Providian Financial Corp. and Metris Cos. following last year's recession. During the late 1990s, these and other lenders sought out customers willing to pay twice the standard interest rate because of poor or limited credit backgrounds. The proposal, made in July, would have required banks that are ``programmatic lenders of subprime consumer loans'' to report their outstanding loans to borrowers with poor credit histories in quarterly Consolidated Reports of Condition and Income, known as ``call reports.'' Banks with subprime loans equal to at least 25 percent of their Tier 1 capital would have had to break down whether they were credit-card loans, mortgages, or other types of consumer loans. Thirty-six banks, trade groups and consumer groups submitted comments on the proposal, the agencies said. bloomberg.com xh