OCC Head Hits Back At Valid-When-Made, True Lender Critics

Law360 (July 30, 2020, 10:09 PM EDT) -- The acting head of the Office of the Comptroller of the Currency on Thursday defended his agency's recent rulemaking efforts around interest-rate transferability and bank lending partnerships, insisting that criticisms of the projects as providing cover for lending abuses are off-base.

Speaking at an American Bankers Association online conference, acting Comptroller Brian Brooks said he doesn't really buy the predatory lending concerns that have been raised about the OCC's valid-when-made rule, which says that national banks and federal thrifts can transfer loans to nonbanks without worrying about the interest rates on those loans becoming illegal.

"If everybody agrees that a loan...

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