US Congress votes to repeal ‘true lender’ rule
Trump-era provision allowed lenders to partner with big banks, which prompted usury fears
The US House of Representatives voted on June 24 to repeal the “true lender” rule, a federal banking regulation enacted in the final months of Donald Trump’s presidency.
The rule’s intent was to facilitate lending partnerships between banks and other financial enterprises. However, the regulation provoked fears from some observers and politicians that it would help non-banks evade state usury laws.
The repeal passed 218–208, with 217 Democrats and one Republican voting in favour. The
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