CSBS Urges OCC to Rescind Proposed True Lender Rule
The OCC should withdraw its proposed True Lender Rule because, as outlined, it overreaches the federal agency’s authority, CSBS said in a comment letter sent today.
The OCC’s proposed rule raises both policy and legal concerns for state regulators. First, the OCC lacks the legal authority to establish the bright-line test it has proposed to determine when a national bank is a true lender. Second, the OCC should not attempt to insulate entities it does not regulate from otherwise applicable state laws.
“While encouraging innovation is an important policy priority, we believe a reasonable solution would balance these priorities with the significant policy interests and roles of other relevant stakeholders,” the letter said.
-
Press Room
Statement on State regulator support of CRA challenge to the OCC’s true lender rule
Jun 24, 2021
-
Comment Letter
CSBS Letter re: CRA Resolution on True Lender
Jun 18, 2021
-
Press Room
Statement on Senate passage of the CRA joint resolution to strike down OCC true lender rule
May 12, 2021
Get Updates
Subscribe to CSBS
Stay up to date with the CSBS newsletter
-
News to your ears,
New every month.CSBS Podcasts