The OCC "true lender rule" was removed from the Code of Federal Regulations, effective immediately.
As previously covered, President Biden signed into effect the Senate and House of Representatives' joint disapproval of the true lender rule, which was rescinded under the Congressional Review Act. The true lender rule, adopted in October 2020, would have made explicit the circumstances in which a national bank or federal savings association is considered to be the "true lender" in the "context of a partnership between a bank and a third party, such as a marketplace lender."
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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
