Senate Backs Repeal Of 'True Lender' Rule

Law360 (May 11, 2021, 10:06 PM EDT) -- The U.S. Senate passed a Democratic-backed measure Tuesday to nullify the Office of the Comptroller of the Currency's "true lender" rule, delivering a win for consumer advocates in their campaign against the Trump-era regulation on bank lending partnerships.

Senators voted 52-47, largely along party lines, to approve a joint resolution that aims to repeal the controversial rule through the Congressional Review Act, a 1996 law that gives lawmakers a window of time to overturn agency regulations issued in the final months of an outgoing presidential administration.

Democrats and consumer advocates have seen the OCC rule as a strike against state efforts...

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