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Senate Dems ask OCC to withdraw true lender rule

Friday, September 18, 2020   (0 Comments)
Posted by: Amanda Averch
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A proposed rule from the Office of the Comptroller of the Currency that would allow fintech and non-bank lenders to partner with banks on loans is contrary to state laws limiting interest rates, eight Senate Democrats said in a letter to acting director Brian Brooks. "The OCC's proposed true lender rule represents a disturbing return to its pre-financial crisis role in broadly applying federal preemption to undermine state consumer protection laws," the senators wrote.

Full Story: Bloomberg Government (subscription required) (9/17) 

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