The Financial Institutions Reform, Recovery, and Enforcement Act was enacted to bolster the lax regulation that contributed to financial distress in the banking industry during the 1980s and beyond. But many in the industry criticized the act for its onerous excesses in the opposite direction. Almost any transaction remotely related to real estate invoked numerous no-exception rules and reporting requirements. Compliance began consuming substantial corporate resources and management time.

Recently, however, the pendulum has swung sharply again.

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