Banking watchdogs just rolled back a rule from the Obama years that put the brakes on how much risk banks could stomach in corporate lending. The move? It's basically cleared the runway for private credit to explode. What used to be tightly controlled territory is now wide open, and alternative lenders are rushing in. We're seeing capital flood into private debt funds as traditional banking constraints loosen up. The ripple effect is massive—borrowers have more options, but the market's also getting a lot more complex. Some argue this deregulation era fuels innovation and liquidity. Others worry we're setting up another overleveraged mess down the road.