In a 52-47 vote, the U.S. Senate voted to disapprove, i.e. rescind, the “true lender” rule finalized by the Office of the Comptroller of the Currency in October 2020. The House vote was 218-208.
The rule was initially implemented to clarify which entity the agency considers to be the lender when a national bank partners with a nonbank lender to determine what consumer protection laws apply.
Read on for more details.