OCC's Final 'True Lender' Rule Should Boost Bank Lending

Law360 (October 30, 2020, 5:19 PM EDT) -- The Office of the Comptroller of the Currency's Oct. 27 issuance of a final rule that determines when a national bank or federal savings association makes a loan and is the "true lender" in the context of a partnership between a bank and a third party, such as a marketplace lender, is a significant regulatory development that warrants the close attention of the national banking community and those who do business with national banks and federal savings associations.

While partnerships with state-chartered banks will not be affected unless and until the Federal Deposit Insurance Corp. engages in a comparable rulemaking, which...

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