CHICAGO – National legislation to toughen regulation of U.S. sub-prime lenders looks unlikely, but efforts by individual states may converge into a “best practice” for regulating those companies, Federal Reserve Governor Edward Gramlich said on Monday.
Gramlich, who was taking part in a panel discussion on predatory lending before the National Association of Affordable Housing Lenders, did not touch on the current economy or interest rates in his formal remarks.
“The notion of national legislation has occurred to people but not much has happened,” Gramlich said.
However, he said there is a possibility that individual state legislation could create “best practice” guidelines.
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