House Committee on Financial Services Chairwoman Maxine Waters (D-CA) has issued a statement supporting the Senate passing a measure designed to address predatory lending.
The measure introduced by Sens. Chris Van Hollen (D-MD) and Sherrod Brown (D-OH, Senate Committee on Banking, Housing and Urban Affairs chairman, would overturn the Office of the Comptroller of the Currency’s (OCC) true lender rule established during the Trump Administration and protect consumers from predatory lending while ensuring nonbank lenders do not evade state consumer protections and small dollar interest rate caps.
“From day one, I pushed back on actions by Trump’s appointees at the Office of the Comptroller of the Currency (OCC) to help financial institutions at the expense of consumers,” Waters said. “I’m pleased that the Senate has passed this resolution of disapproval in a bipartisan way to uphold sensible protections for consumers at a time when they need them the most. Now it is time for the House to act. I will call on House leadership to bring this resolution to the floor for a vote as soon as possible.”
On Dec. 4, 2020, Waters forwarded correspondence to then President-Elect Joe Biden, encouraging his appointees to rescind the OCC’s true lender rule.