Even though Congress is unlikely to clarify the extent of lender liability for cleanup of hazardous waste on sites foreclosed on by institutions. the Environmental Protection Agency will soon publish another regulation to help resolve the ambiguities.
Shelley Fudge, an EPA policy specialist, confirmed that the agency will publish. possibly by late November, a proposed regulation under the Resource Conservation and Recovery Act. The EPA had published a final rule in April under the Superfund law--the Comprehensive Environmental Response, Compensation and Liability Act--that limits lender liability. 'We'd like to have seen the deal closed legislatively, but we feel that our efforts have jostled a lot more policy statements out of the government than we've had before," said John Byrne, senior federal legislative counsel for the American Bankers Association.