4.28.21
On April 28, The Senate Banking Committee (SBC) convened for a hearing that focused on the Office of the Comptroller of the Currency’s (OCC) True Lender Rule. The hearing, titled “The Reemergence of Rent-a-Bank?,” focused primarily on payday lending and included discussions on 36% interest rate caps and state usury laws. Notable was Sen. Catherine Cortez Masto (D-NV) concerns around the Rule’s role in facilitating the funneling of loans by nonbank lenders through banks to evade usury laws. Banking Committee Chairman Sherrod Brown (D-OH) and Sen. Chris Van Hollen (D-MD)are leading the Congressional Review Act effort to revoke the OCC true lender rule. SFA will continue to monitor this effort and remains engaged with Members of Congress and congressional staff.