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ARTICLE · 20 JANUARY 2021

State Attorneys General File Suit Against OCC, Alleging History May Repeat Itself

Troutman Pepper Locke LLP
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A group of state attorneys general, led by New York A.G. Letitia James, are attempting to stop the Office of the Comptroller of the Currency ("OCC") from implementing its new True Lender Rule...

United StatesConsumer Protection
Hannah Couch
Hannah Couch
Cindy Hanson
Cindy Hanson
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A group of state attorneys general,  led by New York A.G. Letitia James, are attempting to stop the Office of the Comptroller of the Currency ("OCC") from implementing its new  True Lender Rule that is now in effect. The state attorneys general allege that by implementing the Rule, the OCC is once again fostering abusive lending practices like it did before the 2008 financial crisis,  as recognized by Congress.

On January 5, 2021, the attorneys general  filed suit against the OCC and Acting Comptroller Brian Brooks in the Southern District of New York. The attorneys general allege the True Lender Rule is in direct conflict with the National Bank Act ("NBA") and the Dodd-Frank Act, exceeds the OCC's authority to regulate under the NBA, and violates the Administrative Procedure Act.

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