The OCC's rulemaking effort came to naught nullified the following year pursuant to the Congressional Review Act. SJ Res. 15, 117th Cong. 2021. True lender rule controversial permitted interest rates on loans to remain valid after transfer of loans to non-bank partner.
While the vast majority of Americans possess checking and savings accounts, use credit cards, and finance major purchases with loans, a surprisingly large share of Americans struggle with barriers to opening and maintaining financial accounts.
Fintech lender Opportunity Financial (“OppFi”) and the Department of Financial Protection and Innovation (“DFPI”), California’s financial-services regulator, filed dueling claims as.