The House of Representatives voted Thursday not to pass the Common Sense Economic Recovery Act (H.R. 1723), which would have allowed banks to classify modified loans as accruing rather than non-accruing. While most members of the Committee on Financial Services agreed that, in many instances, examiners and regulators are posing undue hardship on community banks, Posey’s bill was shot down with 8 ayes and 10 nays.
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