After the Court of Appeals for the Eleventh Circuit issued its recent decision in United States v. Fleet Factors Corp.,¹ putting lenders under significantly greater risk for environmentally distressed collateral, both Congress and the Environmental Protection Agency (EPA) promised prompt action to clarify the "secured lender" exemption in the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA).² Although bills were introduced in both the House and the Senate, Congress adjourned without final action on either. Meanwhile, the Ninth Circuit Court of Appeals decision in In re Bergsoe Metals Corp.,³ lessened the impact of Fleet Factors somewhat, and EPA has drafted an interpretive rule that will provide some comfort to financial institutions. EPA's draft rule, however, even if it is finally adopted in its current form, leaves serious gaps that may require Congress to further fine-tune the secured lender exemption.⁴