OCC: Acting Comptroller’s Statement on Vote to Overturn OCC True Lender Rule

Acting Comptroller of the Currency Michael J. Hsu issued the following statement on the U.S. House of Representative’s vote to overturn the agency’s true lender rule.

Today, the House voted to overturn the Office of the Comptroller of the Currency’s true lender rule, which was finalized in October of last year. This follows similar action taken by the U.S. Senate on May 11, 2021. We respect the role of Congress in reviewing regulations under the Congressional Review Act.

As we anticipate President Biden signing the resolution, I want to reaffirm the agency’s long-standing position that predatory lending has no place in the federal banking system.

Moving forward, the OCC will consider policy options, consistent with the Congressional Review Act, that protect consumers while expanding financial inclusion. Both of these priorities are part of the agency’s mission of ensuring that national banks and federal savings associations provide fair access to financial services for all Americans and that customers are treated fairly.

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