OCC Issues Final "True Lender" Rule that would Help Fraudulent, Predatory Loan Schemes
Bank regulator’s rule would facilitate triple-digit interest rate loans that violate state rate cap laws WASHINGTON, D.C. – The Office of the Comptroller of the Currency (OCC) yesterday issued a so-called "true lender" rule that would facilitate "rent-a-bank" schemes where a non-bank lender forms a superficial partnership with a bank in order to charge interest rates beyond what state laws allow non-banks to charge. Center for Responsible Lending (CRL) Director of State Policy Lisa Stifler issued the following statement: This new rule creates an avenue that would facilitate fraudulent "rent-a