Congress has enacted and President Joseph Biden has signed a joint resolution of disapproval under the Congressional Review Act (CRA) of the Office of the Comptroller of the Currency’s (OCC’s) “true lender” rule, which, as we previously discussed, had provided that a national bank is as a matter of law the lender on any loan for which it is the named lender or for which it provides the loan funding.
True Lender Rule Invalidated
By
David I. Monteiro
,
Reed D. Auerbach
,
Steve Levitan
,
Nicholas M. Gess
, and
Martin Hirschprung
//
July 01, 2021
Topics:
Asset-Backed Securities, Banking, Federal Deposit Insurance Corporation, FinTech, First 100 Days, Global Regulation and Supervision, Innovation, Lending, Madden, Marketplace Lending, OCC, Office of the Comptroller of the Currency, Regulation, Regulatory, Securitization, Structured Finance, True Lender