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ARTICLE · 22 NOVEMBER 2017

What's Next For The Leveraged Lending Guidance?

Herbert Smith Freehills Kramer LLP
Herbert Smith Freehills Kramer LLP
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Herbert Smith Freehills Kramer LLP

Herbert Smith Freehills Kramer LLP

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With the US Government Accountability Office's letter ruling on Oct. 19, 2017 that the 2013 Interagency Guidance on Leveraged Lending constitutes a "rule" for purposes of the Congressional Review Act, ...

United StatesFinance and Banking
Ann Kalodis
Ann Kalodis
Banking And Finance Practice
Banking And Finance Practice
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With the US Government Accountability Office's ("GAO's") letter ruling on Oct. 19, 2017 that the 2013 Interagency Guidance on Leveraged Lending (the "Leveraged Lending Guidance") constitutes a "rule" for purposes of the Congressional Review Act (the "CRA"), participants in the leveraged lending markets are inquiring as to what the current status of the Leveraged Lending Guidance is and what the likely procedural next steps under the CRA will be.  Set forth below is discussion of these issues.

Is the Guidance Still Legally Binding?

The CRA provides that no rule can take effect unless the agency promulgating the rule submits a report (a "Rule Report") to the House, the Senate and the Comptroller General's Office containing the rule, a description thereof and a statement as to whether it is a "Major Rule."  (A "Major Rule" is one that has had or would likely result in: an annual effect on the economy of $100 million or more; a major increase in costs or prices for

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