Statement on Passage of CRA Resolution to Repeal OCC’s “True Lender” Rule
June 24, 2021, Washington, D.C. – INFiN, a Financial Services Alliance, issued the following statement, attributed to executive director Ed D’Alessio, following the House of Representative’s vote to repeal the Office of Comptroller of the Currency’s (OCC) “True Lender” rule under the Congressional Review Act (CRA):
“INFiN members are state-licensed financial services providers. As such, our members provide consumers with critical access to credit while abiding by all state regulations effective in the states in which they are licensed and conduct business. The OCC’s True Lender rule is primarily focused on providing banks greater clarity regarding their partnerships, particularly with fintech providers.
INFiN supports a competitive financial services marketplace that enables consumers to choose the product that best meets their individual financial needs. Particularly during times of financial challenge, we strongly believe consumers benefit from more financial options, not fewer, and that they will continue to choose and appreciate non-bank small-dollar credit solutions because they are simple, reliable and convenient. We encourage financial regulators at the federal and state levels to ensure a level regulatory playing field across banks and non-bank providers, affording critical consumer protections alongside access to credit and greater financial inclusion.”