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The Federal Reserve's quarterly report on bank lending, issued on Monday, found that the number of banks that tightened their lending policies on all major loan categories over the previous three months "stayed very elevated".
Toomey asked whether a guidance on leveraged lending issued jointly more than four years ago by the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation, was a "rule" for purposes of the CRA.
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The bank lending issue is absolutely fundamental to how the economy functions.
They are often used by low-income customers, said the center, a nonprofit group that studies consumer lending issues.
Instead, lawmakers mainly struck hard on the lending issue, describing situations in which their constituents could not get loans.
Still, several higher-education groups have moved from neutral on the lending issue to supportive of Obama's proposal.
The majority of British banks already satisfy the new requirement, but those that do not will have to curb their lending, issue more capital, or hold back on dividends.
Mr. Hawke, who said he issued the disputed guidelines after a wave of litigation between banks and states over consumer lending issues, said none of the banks he regulates receive preferential treatment.
Ms. Spellings said she would convene a meeting of other federal agencies that deal with lending issues, including the Federal Trade Commission, the Securities and Exchange Commission and the Federal Reserve, to forge a coherent federal response to improper relationships between lenders and universities.
Cathy Lesser Mansfield, a law professor at Drake University who specializes in consumer lending issues, said that the verdict might send a chill through the vast Wall Street mortgage market.
Mindful that Democrats now control the White House and Congress, Mr. Bernanke put up virtually no opposition to President Obama's proposal for a new consumer agency that would take over the Fed's authority over consumer lending issues.
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