House Votes to Repeal OCC ‘True Lender’ Rule
The House today voted 218 to 208 to repeal the OCC’s “true lender” rule.
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OCC’s Hsu: Addressing Appraisal Bias Requires ‘Collective Effort’
Acting Comptroller of the Currency Michael Hsu told attendees at a CFPB roundtable today that banks are being held accountable when they rely on housing appraisals that are discriminatory.
ABA Opposes Resolution to Invalidate OCC’s ‘True Lender’ Rule
The American Bankers Association and a coalition of financial trade groups wrote in opposition today to a Senate resolution that would invalidate the OCC’s “true lender” rule that established a test to determine when a bank is considered the true lender on a loan made in a partnership with a nonbank entity.
OCC Issues Final Rule on Collective Investment Funds
The OCC today finalized a rule on prior notice periods for withdrawals from collective investment funds that are invested in real estate or assets not readily marketable.
OCC’s Hsu Says Fintech Firms Should Be Chartered in ‘Safe and Sound Way’
Testifying before the House Financial Services Committee today, Acting Comptroller of the Currency Michael Hsu said that the OCC needs to determine how to charter fintech firms in a “safe and sound way, where we can adapt to the innovation.”
OCC to ‘Reconsider’ CRA Revamp; Pauses Compliance for Certain Provisions
The OCC today said it will formally “reconsider” the agency’s June 2020 final rule revising the agency’s Community Reinvestment Act rules and that banks subject to the rule may pause efforts to comply with it.
ABA Reiterates Opposition to Repeal of ‘True Lender’ Rule
The American Bankers Association today reiterated its opposition to a Congressional Review Act resolution that would repeal the OCC’s “true lender rule.”
Treasury Designates New Acting Comptroller of the Currency
Treasury Secretary Janet Yellen today announced that she will appoint Michael Hsu to serve as first deputy comptroller of the currency.
ABA, Financial Trade Associations Oppose Repeal of OCC’s ‘True Lender’ Rule
The American Bankers Association and a group of financial trade associations today opposed the use of the Congressional Review Act to repeal the OCC’s rule that established a test to determine when a bank is considered the “true lender” of a loan made in a partnership with a nonbank entity.
ABA, Trade Groups Urge OCC to Formally Withdraw 2020 CRA Rule
The American Bankers Association and nine other financial trade groups called for the OCC to formally withdraw or delay its June 2020 Community Reinvestment Act rule, following speculation that the OCC will likely pursue a different CRA modernization course under a new comptroller.