National Banks and Federal Savings Associations as Lenders

July 21, 2020 OCC, Regulation lookup 0

Title:
National Banks and Federal Savings Associations as Lenders
Subject: “True lender”
Agency: OCC
Status: Final rule; Congressional Review Act revocation
Summary:

Under the Congressional Review Act (CRA), Congress has passed and the President has signed a joint resolution disapproving the Office of the Comptroller of the Currency’s (OCC) final rule titled “National Banks and Federal Savings Associations as Lenders.” This final rule established a test to determine when a national bank or Federal savings association (bank) makes a loan and is the “true lender,” including in the context of a relationship between a bank and a third party, such as a marketplace lender. Under the joint resolution and by operation of the CRA, this rule has no legal force or effect. The OCC is hereby removing it from the Code of Federal Regulations.
FR Doc: 2021-16619
Date proposed: July 20, 2020
Comments due date:

Sept. 3, 2020
Final rule effective date: Aug. 5, 2021 (rule removed)
Rule compliance date:
Agency release:

Office of the Comptroller of the Currency Issues Proposed True Lender Rule
Related Reg Report item(s):

With House vote to overturn ‘true lender,’ OCC vows to respect congressional wish

Proposal would define ‘true lender’ to clarify relationships with third parties