The Board of Governors of the Federal Reserve System is asking for public comments on a proposal to extend, without any changes, the rules on recordkeeping related to leveraged lending for the next three years. This affects banks and financial institutions that make high-risk loans, helping them ensure such loans are done safely. The public has until June 27, 2025, to submit their opinions on various aspects of the proposal, such as its necessity, accuracy, and potential improvements. This effort aims to maintain fairness and reduce risks in the financial system while considering the operational costs for institutions.
Simple Explanation
The Federal Reserve is asking people to say what they think about keeping records safe when banks lend money in risky ways. They want to make sure banks play fair and don't make big mistakes.