OCC issues guidance on subprime lending

From: Bank News | Date: May 1, 1999| Author: | Copyright information

Guidance on subprime lending has been issued by the Office of the Comptroller of the Currency. Officials said the guidance was issued to assist banks that engage in this new activity and to ensure they understand the risks involved and have appropriate controls in place.

"While subprime lending can offer attractive returns, it is a new business for our banks and it carries with it a new set of risks," said Comptroller John D. Hawke, Jr. "Banks that engage in subprime lending must be sure that they understand this unique business and that they have systems in place to monitor, control and ...

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