United States:
A Close Look At The OCC's "True Lender" Proposal
30 October 2020
Ballard Spahr LLP
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After reviewing the legal foundation for federal preemption of
state law limits on interest, we discuss the OCC's proposed
approach for determining when a bank is the "true lender"
in programs with non-bank agents, our arguments in support of the
proposal made in our comment letter to the OCC, key arguments made
in support of or against the proposal by other commenters, the
OCC's likely next steps, and the 2020 election's potential
impact.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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