Gramlich - Survey influenced new loan measures

US - Recent updates to the Federal Reserve's anti-predatory lending regulations tried to target especially harmful practices, rather than subprime lending in general, Federal Reserve Governor Edward Gramlich said Friday.

In particular, the Fed looked closely at industry data to guide its decision on where to set interest-rate triggers that govern when the Fed's measures are in effect, he said. The Fed changed its policy on 12 December 2001, amending guidelines that stemmed from a 1994 law.


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