Federal bank regulators need to update their commercial real estate (CRE) guidance to bring standards more in line with how examiners treat loans following the financial crisis, according to a new oversight report.

In a report requested by Rep. Barney Frank, D-Mass., the Government Accountability Office (GAO) said the agencies are mostly following a 2006 interagency guidance meant to limit CRE concentrations. But in certain cases, examiners' actions are inconsistent with those guidelines.

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