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ARTICLE · 31 MAY 2021

Senate Passes CRA Resolution To Override OCC True Lender Rule

Ballard Spahr LLP
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Yesterday, by a vote of 52-47, the Senate passed the resolution introduced by Democratic Senators under the Congressional Review Act (CRA) to overturn the OCC's "true lender" final rule.

United StatesFinance and Banking
Jeremy T. Rosenblum
Jeremy T. Rosenblum
Glen P. Trudel
Glen P. Trudel
Ronald K. Vaske
Ronald K. Vaske
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Yesterday, by a vote of 52-47, the Senate passed the resolution introduced by Democratic Senators under the Congressional Review Act (CRA) to overturn the OCC's "true lender" final rule. The rule addresses when a national bank or federal savings association should be considered the "true lender" in the context of a partnership with a third party. Three Republican Senators voted in favor of the resolution: Cynthia Lummis, Marco Rubio, and Susan Collins.

According to media reports, the White House issued a statement before the vote supporting the CRA resolution. The resolution will now be voted on by the Democratic-controlled House where it is expected to pass.

Pursuant to the CRA, the enactment of a disapproval measure would preclude the OCC from subsequently reissuing the rule or adopting a new rule that is substantially the same as the disapproved rule unless "the reissued or new rule is specifically authorized by a law enacted after the date of

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