Congress passes resolution to overturn OCC’s fake lender rule

This afternoon, the House of Representatives voted to overturn the Office of the Comptroller of the Currency’s “fake lender” rule, which allows predatory lenders to evade state interest rate laws by putting a federally-chartered bank’s name on the paperwork. The Senate passed the same resolution on May 11. It now heads to President Biden for signature.

National Consumer Law Center's press release is here.

The OCC put out a statement, here, affirming that "predatory lending has no place in the federal banking system."

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