Yesterday, by a vote of 52-47, the Senate passed the resolution introduced by Democratic Senators under the Congressional Review Act (CRA) to overturn the OCC’s “true lender” final rule. The rule addresses when a national bank or federal savings association should be considered the “true lender” in the context of a partnership with a third party. Three Republican Senators voted in favor of the resolution: Cynthia Lummis, Marco Rubio, and Susan Collins....
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