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McHenry Statement on OCC’s Proposed True Lender Rule

Washington, Jul 20 -

Today, the top Republican on the House Financial Services Committee, Patrick McHenry (NC-10), issued the following statement in support of the Office of the Comptroller of the Currency’s (OCC) proposed “true lender” rule:

“Today’s move by the OCC is another important step toward providing clarity to banks and non-banks on the ‘true lender’ doctrine. Clarity will foster greater innovation in financial services—ultimately leading to greater financial inclusion. Acting Comptroller Brooks has worked diligently on advancing financial technology and I applaud his swift action to address this uncertainty that hindered modernization.”

Last week, Ranking Member McHenry, and all House Financial Services Committee Republicans, joined a letter led by Artificial Intelligence Task Force Ranking Member Barry Loudermilk (GA-11) to the OCC and Federal Deposit Insurance Corporation (FDIC) in support of a rulemaking on the “true lender” doctrine to provide clarity that will benefit American consumers and businesses.

The lawmakers wrote: “Clarity on this issue would be timely now that the valid when made question has been settled and would foster a robust, competitive, nationwide lending marketplace. The need for consumers and small businesses to have access to these lines of credit is only exacerbated by the COVID-19 pandemic and the associated economic slowdown.”

Read the full text of the letter here.