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Federal Policy PressPress Release

OLA Statement Following Senate Vote on True Lender

By May 11, 2021April 27th, 2024No Comments

After the U.S. Senate 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:

“We are disappointed that the Senate has voted to overturn the True Lender rule, a commonsense standard clarifying the “true lender” of a loan deriving from a bank working with a third-party service provider like a fintech firm.

“Banks and fintech companies have expanded access to affordable credit for millions of American consumers. They have promoted financial inclusion by giving many underbanked consumers financial options when they need them. Expanded access to credit and financial inclusion are made possible by the regulatory certainty provided by the True Lender rule. Absent that certainty, consumers who seek better financial options will not have them. Today’s vote on the True Lender rule is a bad day for borrowers across America.”