Date: May 11, 2021

Subject: Disapprove True Lender Rule

Description: Passage of the joint resolution that would provide for congressional disapproval of an October 2020 Office of the Comptroller of the Currency rule stating that national banks are considered the "true lender" of a loan if, at the date of the loan's origination, the bank funds the loan or is named as lender in the loan agreement, including in the case of loans issued in partnerships between banks and third parties, such as online financial firms. The rule went into effect on Dec. 29, 2020, and effectively allows non-bank lenders to offer loans not subject to higher state interest rate caps by originating loans in partnership with a national bank in another state. Under the provisions of the joint resolution, the October 2020 rule would have no force or effect.

Result: Joint Resolution Passed, 52-47

Democrat: 47 Yeas, 0 Nays, 1 Not voting
Republican: 3 Yeas, 47 Nays, 0 Not voting
Independent: 2 Yeas, 0 Nays, 0 Not voting

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