Only banks, insurers and named bodies count as qualified lenders
What the document says“any bank or savings association the deposits of which are insured under the Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.),”
The section defines a qualified lender as a bank or savings association whose deposits are federally insured, a State or federally regulated insurance company, an entity wholly owned by a bank holding company for the purposes of section 8 of the International Banking Act of 1978 that is organized under United States or State law and based in the United States or a territory, an entity wholly owned by a State insurance holding company meeting the same two tests, and, for a loan secured by farm real estate, a federally chartered instrumentality established under section 8.1(a) of the Farm Credit Act of 1971.
What the document actually says“any bank or savings association the deposits of which are insured under the Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.),”
A bank counts as a lender here. So does a savings body. Its deposits must be insured by the federal government.
Regulated insurers count too. So do firms wholly owned by a bank or insurance parent. A farm credit body counts for farm land loans.
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