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Regulators propose rule on land development loans
The Federal Reserve, FDIC, and OCC have issued a joint press release requesting public comment on a proposal to clarify the treatment of land development loans under the agencies' capital rules. This proposal expands on the agencies' September 2018 proposal to revise the definition of high volatility commercial real estate (HVCRE) as required by the Economic Growth, Regulatory Relief, and Consumer Protection Act. The land development proposal would clarify that loans that solely finance the development of land for residential properties would meet the revised definition of HVCRE, unless the loan qualifies for another exemption. Comments will be accepted for 30 days after publication in the Federal Register.
Update: Published 7/23/2019 at 84 FR 35344, with a comment period ending 8/22/2019.