Federal Reserve and FDIC Propose Revisions to Rules on Bank Lending to Insiders

The Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) have proposed revisions to rules governing bank lending to insiders. The proposed changes include increasing the amount of credit card debt exempt from restrictions on extensions of credit from $15,000 to $60,000, and raising the exemption for indebtedness from certain interest-bearing overdraft credit plans from $5,000 to $20,000.