United States:
OCC True Lender Rule Removed From Code Of Federal Regulations
06 August 2021
Cadwalader, Wickersham & Taft LLP
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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Representatives' joint disapproval of the true lender rule, which was rescinded under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."
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.
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