When lenders last year refused to refinance the short-term paper that funded the vehicles, Banks had to take the assets onto their balance sheets, straining their capital ratios.

The impact may be muted, but only if the Fed can keep short-term rates very low for the next couple of years—or if the borrowers can refinance as the reset approaches.

The hope is that Banks will not only be able to refinance debt on their own but also extend its maturity, cutting their dependence on fickle short-term funding.