{"id":110561,"date":"2021-03-27T15:44:48","date_gmt":"2021-03-27T15:44:48","guid":{"rendered":"https:\/\/fin2me.com\/?p=110561"},"modified":"2021-03-27T15:44:48","modified_gmt":"2021-03-27T15:44:48","slug":"exclusive-u-s-democratic-lawmakers-will-introduce-resolution-to-undo-occs-true-lender-rule","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/exclusive-u-s-democratic-lawmakers-will-introduce-resolution-to-undo-occs-true-lender-rule\/","title":{"rendered":"Exclusive: U.S. Democratic lawmakers will introduce resolution to undo OCC's true lender rule"},"content":{"rendered":"
FILE PHOTO: The U.S. Capitol during a morning rainstorm, after Congress agreed to a multi-trillion dollar economic stimulus package created in response to the economic fallout from the COVID-19 Coronavirus, on Capitol Hill in Washington, U.S., March 25, 2020. REUTERS\/Tom Brenner<\/figcaption>

WASHINGTON (Reuters) – U.S. Democratic Senators will introduce a resolution on Thursday aimed at undoing a Trump-era rule that defines when a bank is a \u201ctrue lender,\u201d a staffer inside Senator Chris Van Hollen\u2019s office told Reuters on Thursday.<\/p>\n

The Congressional Review Act resolution to undo the measure comes after a coalition of liberal advocates called on lawmakers to do so before a fast-approaching deadline to repeal rules introduced by regulators under the previous administration that Democrats, lawyers and advocates said could encourage predatory lending.<\/p>\n

In October 2020, the Office of the Comptroller of the Currency issued the rule in hopes of clarifying which party\u2019s regulatory regime applies when banks team-up with non-banks to make loans.<\/p>\n

The OCC said at the time that the rule clarifies a murky legal matter.<\/p>\n

But Democrats argue it will allow predatory lenders to skirt state consumer protections and usury laws by partnering with banks whose looser federal regulations pre-empt state rules.<\/p>\n

In January, seven U.S. states and Washington, D.C., sued a the banking regulator, seeking to void the rule they said preventing them from enforcing state laws against exploitative interest rates.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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