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Financial Services Law Insights and Observations

Biden signs repeal of OCC’s “true lender” rule

Federal Issues OCC True Lender U.S. House U.S. Senate Congressional Review Act Fintech Agency Rule-Making & Guidance Predatory Lending

Federal Issues

On June 30, President Biden signed S.J. Res. 15, repealing the OCC’s “true lender” rule pursuant to the Congressional Review Act. Issued last year, the final rule amended 12 CFR Part 7 to state that a bank makes a loan when, as of the date of origination, it either (i) is named as the lender in the loan agreement, or (ii) funds the loan. The final rule also provided that if “one bank is named as the lender in the loan agreement and another bank funds the loan, the bank that is named as the lender in the loan agreement makes the loan.” (Covered by InfoBytes here.)

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