Senate Banking Hearing on the True Lender Rule
2021-08-20T16:17:37-04:00https://ximage.c-spanvideo.org/eyJidWNrZXQiOiJwaWN0dXJlcy5jLXNwYW52aWRlby5vcmciLCJrZXkiOiJGaWxlc1wvNDYyXC8yMDIxMDgyMDE2NDEwNzAwMV9oZC5qcGciLCJlZGl0cyI6eyJyZXNpemUiOnsiZml0IjoiY292ZXIiLCJoZWlnaHQiOjUwNn19fQ==Financial experts testified on the “True Lender” rule before the Senate Banking, Housing and Urban Affairs Committee. Established by the Office of the Comptroller of the Currency (OCC) in 2020, the rule is seen by consumer advocates as a loophole for predatory, high-interest loans not allowed in most states, while supporters argue it provides a clear legal standard for banks and financial technology lenders and ensures banks are still complying with federal law.
Financial experts testified on the “True Lender” rule before the Senate Banking, Housing and Urban Affairs Committee. Established by the Off… read more
Financial experts testified on the “True Lender” rule before the Senate Banking, Housing and Urban Affairs Committee. Established by the Office of the Comptroller of the Currency (OCC) in 2020, the rule is seen by consumer advocates as a loophole for predatory, high-interest loans not allowed in most states, while supporters argue it provides a clear legal standard for banks and financial technology lenders and ensures banks are still complying with federal law. close
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