Tag Archives: true lender

OCC Issues True Lender Rule

On October 27, 2020, the Office of the Comptroller of the Currency (“OCC”) issued a final rule that determines when a national bank or Federal savings association (collectively, “banks”) makes a loan and therefore is the “true lender” in the context of a partnership between a bank and a third party.  The rule provides that … Continue Reading

Article: Preemption of State Interest Rate Limitations – Current Challenges Involving Bank Partnership Models

In an article published in the Review of Banking & Financial Services, Covington partner Ashley M. Simonsen argues that “true lender” theories asserted in litigation to invalidate bank–fintech partnerships are inconsistent with federal law, and would chill the market for interstate lending.  The article also suggests that both Congress and the federal banking regulators should … Continue Reading
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