Banking Agencies Issue Guidance for Home Equity Lines of Credit Nearing End-of-Draw Periods

The Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the National Credit Union Administration issued guidance to financial institutions regarding home equity lines of credit ("HELOCs") nearing their "end-of-draw" periods, which occur when the principal amounts of the HELOCs must begin to be repaid.

See: Interagency Guidance on Home Equity Lines of Credit Nearing Their End-of-Draw Periods.See also: FRB Press Release; OCC Press Release; FDIC Press Release.