President Signs Resolution Rescinding Injudicious OCC Rule
WASHINGTON, D.C. – Yesterday, President Biden signed bipartisan Congressional legislation rescinding the misleadingly named “true lender” rule issued by the Office of the Comptroller of the Currency (OCC) late last year. Sen. Chris Van Hollen (D-Md.), Senate Banking Chair Sherrod Brown (D-Ohio), House Financial Services Chair Maxine Waters (D-CA), and Rep. Jesus “Chuy” Garcia (D-IL) led the push to overturn the rule. The rule enabled the “ rent-a-bank” scheme, in which high-cost lenders pay a bank willing to pose as the lender on loan documents in order to charge interest rates far in excess