After seven years of legislative near misses, the banking industry finally has won the battle to clarify when lenders are liable for environmental cleanup costs.

Lender-liability provisions were included in the massive spending package signed into law Monday night by President Clinton. The new law explains when lenders will be held responsible for the contamination of property they hold as collateral.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.