After the U.S. House voted to overturn the OCC’s True Lender Rule under the Congressional Review Act, Online Lenders Alliance Executive Director Andrew Duke issued the following statement:
“Today’s vote in the U.S. House of Representatives to join the Senate in overturning the True Lender rule weakens our banking system and hurts consumers by reinjecting confusion and uncertainty into the market, ultimately reducing credit access.
“The True Lender rule provided greater regulatory certainty which allowed banks – especially community banks – to expand their service offerings and increase financial inclusion by giving underbanked consumers more financial options when they need them.
“The OCC said its purpose for the True Lender rule was to eliminate the uncertainty that would disrupt consumer loan markets and reduce access to credit for those who need it most. Those objectives got pushed aside today and consumers’ best interests were sacrificed in the process.”
