Express
States Sue The OCC Over New Rule Weakening Predatory Lending Controls
Summary: Eight states and the District of Columbia are suing the OCC and Brian Brooks over its "True Lender" rule which states that a loan that includes a national bank as a lender can therefore rely on the OCC's national guidance rather than that of individual states, as reported by Cointelegraph. The suit was filed on Jan ...
Eight states and the District of Columbia are suing the OCC and Brian Brooks over its "True Lender" rule which states that a loan that includes a national bank as a lender can therefore rely on the OCC's national guidance rather than that of individual states, as reported by Cointelegraph.
The suit was filed on Jan 5 and is lead by the New York's attorney general against the Office of the Comptroller of the Currency and current Acting Comptroller Brian Brooks. The prosecution's case is that many states have especially anti-usury provisions, which cap interest rates in the hope of preventing predatory lending. The charges argue that the OCC is not considering the impact the True Lender rule will have on predatory lending.
Today's complaint also argue that the OCC overstepped its authority by overriding state law.
By Emily Mason
Tags: New York Attorney General,OCC,Predatory Lending
Link: States Sue The OCC Over New Rule Weakening Predatory Lending Controls [Copy]
