President Joe Biden signed into effect the Senate and House of Representatives' joint disapproval of the Office of the Comptroller of the Currency's (OCC) "true lender rule." Congress used its authority under the Congressional Review Act to rescind the rule, adopted in October 2020, which, as previously covered, would have made explicit the circumstances in which a national bank or federal savings association is considered to be the "true lender" in the "context of a partnership between a bank and a third party, such as a marketplace lender."
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