Plans to improve subprime supervision announced
A pilot project involving five US authorities will carry out compliance reviews of lenders active in the subprime industry.
The project, due to begin later this year, is a collaboration between the Federal Reserve, the Office of Thrift Supervision, the Federal Trade Commission, the Conference of State Banking Supervisors and the American Association of Residential Mortgage Regulators.
A joint statement read: “The agencies will evaluate the companies’ underwriting standards, as well as senior management oversight of the
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