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House Votes to Scrap Trump’s 'True Lender' Rule

The Trump administration’s “true lender” rule made it easier for banks and fintech companies to join forces without running afoul of state laws. Now, the House has voted to repeal it. So reports Bloomberg.

capitol 720677 640small 100x100The 218-208 vote, with one Republican joining a unanimous Democratic side to end the legislation, came after a May 11 Senate vote and sent the repeal to President Joe Biden for an expected signature.

The Office of the Comptroller of the Currency adopted the true lender rule in October, protecting fintech loans issued in partnership with national banks from interest rate caps and other state-level laws.

Read the full article from Bloomberg.

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