With repeal of ‘real lender’, Dems could score first ARC victory

Law360 (April 16, 2021, 6:25 p.m. EDT) – Now that Congress has returned from its spring recess, Democratic lawmakers have a chance to advance their efforts to abolish a Trump administration regulation that they say empowers predatory lenders, but other late Trump-era financial services rules will be out of reach for quick repeal.

The U.S. House and Senate are ready to consider further resolutions aimed at the Office of the Comptroller of the Currency’s “real lender” rule, which was intended to provide legal certainty for bank-fintech lending partnerships in a way that consumer advocates strongly opposed.

Introduced at the end of last month, the resolutions would invoke the …

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