Congress must overturn OCC’s ‘Fake Lender’ rule

Source: Lauren Saunders & Lisa Stifler, Morning Consult Op-Ed

In 2021, rent-a-bank lending by payday lenders is back – with larger and longer-term installment loans and now protected by a rule issued last year by the regulator of national banks, the Office of the Comptroller the Currency. Congress has an opportunity to overturn the OCC’s “true lender” rule under the Congressional Review Act and restore states’ ability to enforce their usury laws.

If Congress doesn’t act soon to repeal the OCC rule, the floodgates will be open for predatory lending in all 50 states and the District of Columbia.

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