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© Greg Nash Senate Democrats are ramping up pressure on a federal bank regulator to scrap a Trump-era rule they say allows lenders to evade state interest rate limits and bilk vulnerable consumers. In a Wednesday hearing, Democrats on the Senate Banking Committee said it was long past time for the Office of Comptroller of the Currency (OCC) to revoke its “true lender” rule. The OCC in October finalized a rule meant to clarify who is the true lender of a loan issued to a customer through a partnership between a nationally chartered bank and a third party, typically a non-bank lender. A coalition of Democratic state attorneys general sued the OCC in January, arguing the rule violated federal consumer protection laws and the OCC’s authority.

Pat toomeySherrod brownThom tillisBlake paulsonRichard cordrayConsumer financial protection bureauSenate banking committeeOffice of comptroller the currencySenate democratsCurrency brian brooksComptroller blake paulsonCongressional review actLisa stiflerSenate bankingபேட் டூமிஷெரோட் பழுப்பு